HIST 112 Lecture Notes - Lecture 3: Gilded Age, Vertical Integration, Industrial Revolution
16 Aug 2016
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Chapter 18- the gilded age: industry and wealth (1865-1900) Bilmore estate built in 1889 and 1895 is a perfect example of gilded age architecture. New industrial technologies, new products and new business practices lead to the creation of a new, small class of american millionaires, who, in turn, wield a great deal of political influence both locally and nationally. Overproduction leads to panic of 1873: too many being built, low prices, desperate sellers (1873-1879= long depression) After economic recovery, railroads become backbone of american business. Jay gould: 1st big business entrepenur in railroads. He took advantage of the panic of 1873. He would go in and buy the banks at low price then sell them himself for profit. Known for process of stock speculation and consolidation that gave him market control. Andrew carnegie: king steel, didn"t invent it though. Used bessemer production to turn molten pig iron into steel.
