The Second Gilded Age

The Gilded Age By the late 1800s, he United States economy had finally become industrialized and was soon to become monopolized. Railroads were becoming the most important factor of American economy, and local businesses were being put out of work. This time period was commonly known as “The Gilded Age”.

Grand industrial and economic growth, as well as personal opportunities for monetary success, were never higher than in the Gilded Age. The founding Industrial Fathers such as Andrew Carnegie, Henry Ford, J.P. Morgan, and Cornelius Vanderbilt, to name a few, were the pioneers of the Gilded Age and without them, the United States would not resemble even a fraction of what it does today. Without question, these men were the driving force behind the industrial boom, but the debate rages on as to whether these corporate magnates were sagacious business men seeking to debauch the United States for the procurement of monetary superiority or if they were a benevolent force seeking to bring America to the highest level of economic success ever seen

Income Inequality: Solutions moving forward? Probably the most widely discussed issue relating to contemporary economics is the divergence of the wealthiest Americans from the lowest quartile of the population, many of whom live well below the poverty line. The challenge has been made by many liberals that the middle class has vanished, the traditional methods of upward mobility have been erased, and a movement to curb this pattern must be adopted for the sake of the health of our nation. You should research the underlying issues of the wealth inequality debate.

For decades, hope of attaining the elusive American Dream has filled the hearts and minds of many diligent students, ambitious entrepreneurs and aspiring creatives. The idea that hard work and perseverance can spur on success was at the core of what America represented for so many of its citizens and admirers. Rightfully so, American was once dubbed “The Land of Opportunity.” Unfortunately, the endless possibilities depicted in the American Dream have become nearly extinct. No longer is it true that anyone can make it in contemporary America; in fact, the idea of the American Dream proves itself to be inaccurate and even prejudiced in today’s culture.

Problem Identification Income inequality has been said to be the main cause of the declining middle class. Many concerns exist regarding the change of pattern in the distribution of income; families that once were in the middle of the distribution have shifter upward and downwards. Economist Kuttner, Author of The Economic Illusion, argued that this shift in pattern began as well-paying jobs in the manufacturing industry and lack of unionization in growing sectors declined. Another contributing factor to the ever rising income inequality is attributed to the rise of skill-biased technology. Advancement in technology has increased the demand for highly educated and skilled workers.

Was Mark Twain correct in calling the Gilded age? “Even though the era following the Reconstruction was one of the great invention and economic growth, all did not share in that prosperity.” For example according to Introduction to American History in 1860’s and 1900’s the millage of railroads increased from a 30,000 miles to a 193,000 mileage. One million to ten millions and the number of workers from 1.3 million to 5.3 million.

Yes, concerns about major social and political revolution were justified at the time of the Great Depression. After the stock market crashed, banks failed as well as a result of millions of Americans withdrawing their money. Unemployment ensued because of the rapid decrease of consumer spending. These all mostly affected the working class, since they were the ones who went out of work when the Depression hit. Additionally, the big disparity of wealth between the rich and poor encouraged the Depression; 32% of the country’s wealth went to the richest 5% of people, while only 10% when to the poorest 42%.

The 1920s in the United State is usually documented as a time of economic and social growth and prosperity, evidenced by the growth of Fordism and an expansion of women’s rights. These developments have led many to the consensus that they are living in The American Dream. Alongside such developments, however, the gap between the rich and the poor kept growing, allowing those of better financial and social status to develop harsher critiques over the poor and more importantly, during the industrial age, allow them to have power over those less fortunate (DIScovery 1). These socio-economic divides and relationships between both parties are explored in Scott Fitzgerald’s “The Great Gatsby.” Fitzgerald illustrates the dominance the wealthy upper

The distribution of incomes and wealth in the 1920s and now are diverse but similar in several ways (Ucsc.edu). A person’s wealth is determined by what they own, not including any debts. A person’s income is how much money one may make on a job or money someone obtain. Income inequality is real and has affected people for many years, and it is still occurring currently. The distribution of wealth in the 1920s earned the name roaring twenties due to the sustained prosperity, new technology advancements, and exciting culture (Shmoop.com).

What is the middle class myth? This “event” or “classification” has a lot to do with geography,the past and how it was formed it has many components to make it a organization that is well known. “A land of opportunity”, “ a middle class society”,quotes from American Ideology assertion from Alan Nasser,the Author of The Middle Class Myth: Have Most Americans Always Been Poor?(August 28,2015). In 8 Surprising Facts About The Shrinking Middle Class From “Third World America” (PHOTOS)by Hallie Seegal 08/09/2010 01:19 PM ET states that in 2005, the bottom 20 percent of household earners had an average income of $10,655 while households in the top 20 percent made nearly 160,000 – a disparity of 1,500 percent, the highest gap ever recorded. Even some might refer to the U.S. as “ a land of opportunity ”,the reality is

There have been many scholars and historians that compare the Gilded Age in America to where we are today. There are multiple similarities between these two times in history. Some of which are that the people in general are moving more towards cities, inequality in wealth, corruption in big business, and labor unions. I do agree with the assessment that current day America is very similar with the Gilded Age.