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It’s a building, next time it’s going to be worse
since 1877 southern Blacks were treated more and more as a second class of citizens
THE GILDED AGE (1870’s – 1990)
the reconstruction ended at the end of 19th century (1877)
period of the Gilded Age = rapid economic growth
victory of the North ensured a boom of industrial production (1/3 of the world production of iron, steel, coal)
it was obvious that America is developing very fast and it will compete with Europe (the production was double
higher from Germany or France or Great Britain)
TYCOOONS
the first generation of Billionaires = American tycoons = robber barons = kings of steel and sausages
tycoon = a very rich man, who dominates a particular branch of industry (steel, railway, banking), who had a
business idea and who dared to invest money into it and became rich
those people didn’t have a higher education, mostly a secondary education
but they had a very good sense for business
many of them claimed that the nation gave something back to the society
they spent money on social purposes (culture, open museums, universities, theatres)
they invested money into nice artwork and put it in the museums
2 centres:
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New York for business where they worked during the week
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Newport (Atlantic shore): small villas where they spent a weekend with their families (Great Gatsby villa)
representatives:
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Roosevelt
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Rockefeller – made a fortune in an oil business
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Vanderbilt – financier who accumulated great wealth from railroad and shipping business
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Carnegie – came from a family of high class, made a profit from steel industry
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Morgan – financier and philanthropist
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Mellow
1893 – 1897: Panic of 1893
financial crisis that contributed to the economic recession (hospodářský pokles)
the Reading Railroad, a major eastern line, went into receivership (nucená správa)
that collapse was soon magnified by the failures of hundreds of banks and businesses which were dependent
upon the Reading and other railroads