America's economy grew by more than 400% between 1860 and 1900
Technological advances, expanding population, improved transportation, financial innovation, and new business practices combined to fuel this economic growth
"Titans of Industry" like John D. Rockefeller, Andrew Carnegie, and J.P. Morgan built monopolies and revolutionized business practices
Laissez faire ideology called for little or no government regulation of economic affairs
Unskilled urban workers did not share in economic gains, instead enduring great poverty Many argue that America's extraordinary economic development during the Gilded Age can be summarized by a handful of statistics. In 1860, the nation's total wealth was $16 billion; by 1900, it was $88 billion. This translated into a per capita increase from $500 to $1100. Driving this growth was an explosion in American manufacturing—in 1869, the manufacturing sector of the economy generated $3 billion, a figure which rose to $13 billion by 1900. This was accompanied by an increase in America's labor force from 13 million to 19 million people.7
Similarly, many economic historians suggest that America's economic development can also be reduced to a rather simple formula—the convergence of a handful of critical ingredients.
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