Gilded Age
The Gilded Age in United States history is the late 19th century, from the 1870s to about 1900. The term was coined by writer Mark Twain in The Gilded Age: A Tale of Today (1873), which satirized an era of serious social problems masked by a thin gold gilding. The early half of the Gilded Age roughly coincided with the middle portion of the Victorian era in Britain and Belle Époque in France.
The Gilded Age was an era of rapid economic growth, especially in the North and West. As American wages were much higher than those in Europe, especially for skilled workers, the period saw an influx of millions of European immigrants. The rapid expansion of industrialization led to real wage growth of 60% between 1860 and 1890, despite the ever-increasing labor force. However, the Gilded Age was also an era of abject poverty and inequality as millions of immigrants—many from impoverished European nations—poured into the United States, and wealth became highly concentrated.Railroads were the major industry, but the factory system, mining, and finance increased in importance. Immigration from Europe, China, and the eastern states led to the rapid growth of the West, based on farming, ranching and mining. Labor unions became important in industrial areas. Two major nationwide depressions—the Panic of 1873 and the Panic of 1893—interrupted growth and caused social and political upheavals. The South after the American Civil War remained economically devastated; its economy became increasingly tied to cotton and tobacco production, which suffered from low prices. With the end of the Reconstruction era, black people in the South were stripped of political power and voting rights and were left economically disadvantaged.