A portrait of capitalism (and some other things) in late nineteenth-century America
This film is a portrait of capitalism (and some other things) in late nineteenth-century America. This is the era now known as “The Gilded Age.” It’s possible to have too much regulation in an economy, but it’s also possible to have too little, and this era (in general) had too little. Corporations purchased monopolies and other special privileges from the government. This would lead to antitrust laws, designed to fight the power of “trusts” (another word for monopolies). But it would also lead to broader debates about the nature of capitalism itself. Should the government try to redistribute wealth? How should we take care of the poor? How do you prevent capitalism from turning into “robber-baron capitalism,” a phrase often associated with the economic system of this time?
Toluca Street Oil Field in Los Angeles oil district, circa 1895–1901