A turn-of-the century cartoon published by the American Federation of Labor
The big historical misconception of the Gilded Age is that it was an age of great wealth, when really it was an age of widespread poverty. Between 1870 and 1900, growing industrialization and the sudden interconnection of markets by rail made a small number of American industrialists insanely rich. The Gilded Age produced the Rockefeller, Vanderbilt, and Carnegie fortunes. It also impoverished millions of ordinary Americans, who went from self-employment as small farmers and independent craftsmen to working in mills and on railroads—often for sprawling trusts, usually with little control over hours or conditions, and invariably for low wages in an economy driven by industrial-strength inflation. The Gilded Age made a few people rich at the expense of everyone else. It is named for the 1873 novel by Mark Twain, and the whole point of “gilded” is that the gold only covered the surface. Beneath it lay something base that the wealthy wanted to cover up. Anyway, I don’t know why I’m thinking about this in the 21st century, during our second industrial revolution. I guess I’m just savoring the fact that nothing like that could happen now. Today is Friday, and our age remains totally un-gilded. Won’t you insist that everything is fine with me?