In Chapters 3 and 4 of New Spirits<\/i>, Rebecca Edwards presents two distinct accounts of the Gilded Age economy. One depicts a period of unbridled economic growth. In this period, titans of industry accumulated vast fortunes and middle class professionals carved out positions in the growing economy. The plight of the working class offers a sharp contrast to the opulence of the higher classes. It seems difficult to reconcile these two competing narratives. However, the truth probably lies somewhere in the middle.<\/p>\n

This is where Henry George\u2019s wedge construct becomes useful. Edwards adopts the idea of a wedge separating Americans to reinforce the notion that Gilded Age was a period of sharp divisions between the \u201chaves\u201d and the \u201chave-nots\u201d. Factory workers worked in unsafe conditions for longer hours, while socialites in New York held extravagant parties at their million dollar homes. The wedge is evident here.<\/p>\n

Income inequality appears to be a central element of Chapter 4. Edwards discusses the political battles fought over currency that further strengthened the socio-economic divide. The discussion of class division in this section is very similar to current political discussions. Both time periods feature a widely held belief that industrialists and bankers are responsible for an economic downturn. Similarly, both periods have unequal wealth accumulation at the top. The belief that this inequality is wrong is a facet of both time periods. The time period in the chapter was obviously worse than the current situation, but it is useful to note how long this argument has prevailed.<\/p>\n

Whether discussing money or occupation during the Gilded Age, the notion of a wedge separating the upper and lower classes is an invaluable explanation for the time period.<\/p>\n","protected":false},"excerpt":{"rendered":"

In Chapters 3 and 4 of New Spirits, Rebecca Edwards presents two distinct accounts of the Gilded Age economy. One depicts a period of unbridled economic growth. In this period, titans of industry accumulated vast fortunes and middle class professionals carved out positions in the growing economy. The plight of the working class offers a … <\/p>\n

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