• low pay for unskilled workers

• jobs provided long hours and dangerous work

Industrialization affected workers negatively.

• "The Gilded Age"

• Incredible wealth and terrible poverty simultaneously

Mark Twain gave the era a special name.

Income inequality was astounding.

• By 1890, the richest 1% of Americans owned 1/4th of the nation's assets

• The top 10% owned over 70%.

• By 1900, the richest 10% owned over 90% of the nation's wealth.

• Cornelius Vanderbilt (Railroads)

• J.D. Rockefeller (Oil)

• Andrew Carnegie (Steel)

• J.P. Morgan (Credit)

Robber Barons made millions.

An influential new idea that justified poverty emerged.

Social Darwinism (Herbert Spencer)

• Justified inequality

• "Survival of the fittest" - Charles Darwin (On the Origin of the Species)

• Economic success = superiority

Some conclusions about this era...

The Consequences of Industrialization were mixed.

• Industrialization brought wealth inequality

• The nation became more pro-business

• To an extent, the nation became much more unequal.

• More and more Americans justified this inequality.