Question

One of our course objectives is to connect past and present. What similarities do you see during The Gilded Age that echo today? In your answer, consider the big themes: business, politics, and/or culture.

Answer 1

The Gilded Age refers to the late 19th century in the history of United States i.e. From the 1870s to about 1900. A novel named 'The Gilded Age: A Tale of Today' was also written by Mark Twain and Charles Dudley Warner, published first in 1873. It highlights the corruption in politics and greed which echo in today's society as well. The Gilded Age brought about economic growth and a great social change in the United States.

In terms of business and politics, we see that once again the economy is characterised by industrial concentration and conglomeration in the powerful financial sector. Business cycles of today are also similar to those of the gilded age. We see that politics is also dominated by the wealthiest corporations and they succeed in passing legislations which only serve their own best interests. We are again in the middle of an industrial revolution that is in the process of happening which can bring rewards to a small elite class. Also, there is a sharp rise in financial globalisation which is going simultaneously with the financialisation of the economy and thus the rising importance of the financial sector. Due to this the economy today is characterised by financial and banking crisis and inequality at its worst. This also weakens the bargaining power of workers. Due to the rise of the financial sector its political influence has also increased which had led to economic policies which benefit the rich. This has succeedingly undermined the bargaining power of workers. The main similarity in politics can be seen in the corruption which is prevalent in the political system. Rich are getting richer while poor are getting poorer.

Thus, the features such as inadequate wages, lack of access to universal healthcare, poor social mobility, limited rights to labour and attacks on their union, a tax system which favours the rich and unearned wealth i.e. Investment are common to today's society and the gilded age. There are insufficient incomes for the majority of labourers whereas the privileged capitalists enjoy unnecessarily large incomes.

In terms of culture, the gilded age saw the rise of a culture of leisure and mass consumerism. During this period, youth were the biggest consumers and this new culture was generally looked down by elders, as they perceived it to be immoral and shocking. This is also a feature seen in today's society. Camping, bicycle riding, public parks and various other activities grew during the gilded age. There was an increase in the printing of newspapers and novels. Poetry also gained popularity with poems which focused on optimism and encouraged progress gaining more attention. Today, we are living in a society which is downgrading itself where the rich retreat to their own enclaves and values of market are given importance over values of common citizenship which is similar to the gilded age. We are again divided by the societal division between capital and labour. This is also the time where income division is not between high waged and low waged individuals but between those who depend on wages and investment income which is the earned and unearned wealth. This means that the social trust which is the glue that binds the society together is coming apart.

Thereby we can conclude that the business, political and cultural conditions of today are very much similar to what was prevalent during the golden age.