U.S. History Since 1865: Wealth Inequality: Present and Past

Summary

This DHTV segment delves into the historical and contemporary issues of wealth inequality in the United States. It examines the Gilded Age and the Great Recession, highlighting the cyclical nature of economic crises and their societal impacts. The lecture discusses Occupy Wall Street, the 99 percent movement, and various responses to wealth concentration, including progressive movements and policy changes. It emphasizes the importance of learning from history to address current social and economic challenges.

Takeaways

• 📊 The video discusses the crisis of wealth distribution in the United States, focusing on its causes, impacts, and responses.
• 💼 The Occupy Wall Street movement highlighted the causes of the economic crisis and the concentration of wealth among the one-percent.
• 🏦 The 2008-2009 bank bailout is identified as a pivotal event that shifted public attitudes towards wealth inequality.
• 👥 The consequences of wealth inequality include increased poverty, especially among workers, people of color, immigrants, women, and children.
• 🔄 The script suggests that the United States has experienced cycles of wealth inequality, with the Gilded Age being a historical parallel to the current situation.
• 📚 The lecture refers to the ideological shift of the 1970s and the Reagan administration's policies as contributors to the current wealth gap.
• 💼 Corporate practices such as credit expansion, lack of regulation, and political influence through campaign contributions are cited as causes of wealth inequality.
• 📉 The script points out the dismantling of environmental restrictions and deregulation of financial institutions as factors leading to economic crises.
• 🌟 The concentration of wealth is compared between historical figures like Carnegie, Rockefeller, and Morgan, and modern figures like Bezos, Gates, and the Walton family.
• 👫 Social movements for change, such as immigration rallies, the Fight for 15, and Black Lives Matter, are highlighted as responses to the current crisis.
• 🔍 The video emphasizes the importance of learning from history to understand and address the recurring issue of wealth inequality.

Q & A

What is the main topic of the video script from DHTV?

The main topic of the video script is wealth inequality, its historical underpinnings, and the varied impacts of historical issues on diverse groups within and between societies.

What is the 'Gilded Age' mentioned in the script, and how does it relate to wealth inequality?

The 'Gilded Age' refers to an era in the late 19th century characterized by significant wealth inequality, where the outward appearance of prosperity masked underlying social and economic problems, similar to the wealth inequality issues being discussed today.

How did the Occupy Wall Street movement contribute to the public's perception of wealth inequality?

The Occupy Wall Street movement helped to focus America's attention on the causes of the economic crisis and the concentration of wealth, highlighting the disparity between the 1% and the 99%, and advocating for economic justice.

What were some of the key issues raised by the 99 percent movement during the Great Recession?

The 99 percent movement raised concerns about joblessness, economic insecurity, middle-class debt, bloated CEO salaries, mushrooming student loans, grinding poverty, and the collapse of the middle class.

What ideological shift in the 1970s is often cited as a cause of wealth inequality?

The ideological shift often cited is the emergence of 'trickle-down economics' or neoliberalism, which emphasized deregulation, tax cuts for the wealthy, and reduced government intervention in the economy.

How did the economic policies of George W. Bush's administration contribute to wealth inequality?

George W. Bush's administration pursued policies such as massive tax cuts for the wealthy, deregulation of financial institutions, and dismantling of environmental restrictions, which critics argue exacerbated wealth inequality.

What social movements emerged in response to the wealth inequality and its impacts?

Social movements that emerged in response to wealth inequality include demonstrations for immigrant dignity and respect, the Fight for 15 for a living wage, and the Black Lives Matter movement against police harassment and racial injustice.

How did the economic conditions during the Second Industrial Revolution compare to the current information revolution?

During the Second Industrial Revolution, there was explosive economic growth but also frequent and prolonged economic depressions, mass unemployment, and poor working conditions. Today's information revolution has different challenges, including wealth inequality and the consequences of deregulation in the banking industry.

What was the significance of the Populist Revolt during the Gilded Age, and how does it compare to current movements?

The Populist Revolt united farmers and workers to demand economic and social reforms, reflecting a growing awareness of the divide between the rich and the poor. Today's movements for change also seek to address wealth inequality and social injustice, following a similar path of collective action.

What role did the Progressive Movement play in addressing the issues of the Gilded Age?

The Progressive Movement aimed to control monopolies, end violence associated with labor conflicts, and humanize the capitalist system. It was a response to the social and economic problems of the Gilded Age, using government intervention to promote social well-being and fairness.

Why is studying history important in understanding the current crisis of wealth inequality?

Studying history is important because it provides insights into recurring patterns and cycles, such as wealth inequality, and shows how past movements for change can inform current strategies to address these issues.

Outlines

00:00

💰 Wealth Inequality and Historical Context

This paragraph introduces the topic of wealth inequality, its historical roots, and the current crisis in the United States. It discusses the importance of analyzing the impact of historical issues on diverse groups within societies. The script explores the Occupy Wall Street movement's role in highlighting the concentration of wealth and the public's shift in attitude towards wealth inequality, particularly after the 2008-2009 bank bailouts. It also touches on the ideological shifts of the 1970s and the Reagan administration's policies, which are considered significant contributors to the current state of wealth inequality.

05:04

🌟 Gilded Age and Modern Parallels

This paragraph draws parallels between the Gilded Age of the late 19th century and the current era, both characterized by significant wealth inequality and social conflict. It discusses the economic boom of the Second Industrial Revolution and the resulting social issues, such as mass unemployment, poor working conditions, and the loss of livelihoods for farmers. The paragraph also compares the economic giants of the past, like Carnegie and Rockefeller, with modern figures like Bezos, Gates, and the Walton family. It highlights the social movements of the past, such as the populist revolt and the Socialist Party, and suggests that similar movements are emerging today in response to the current crisis.

10:09

🔍 The Progressive Movement and Socio-Economic Reforms

The final paragraph discusses the emergence of the Progressive Movement in the early 20th century, which was a response to the socio-economic problems of the time. It emphasizes the role of ideas in driving social change and the progressive intellectuals' use of scientific observation to address corruption and control big businesses. The paragraph suggests that the Progressive Movement's principles, such as fair enterprise and the government's responsibility for social well-being, are relevant to understanding and addressing the current issues of wealth inequality and social conflict.

Keywords

💡Wealth Inequality

Wealth inequality refers to the uneven distribution of assets and income among different social classes or individuals within a society. In the video, it is the central theme, discussed in the context of historical and contemporary crises in the United States. The script mentions the Occupy Wall Street movement as a response to this issue, highlighting the disparity between the one-percent and the rest of the population.

💡Historical Underpinnings

Historical underpinnings are the foundational events, conditions, or factors that have contributed to the development of a situation over time. The video script uses this term to emphasize the importance of understanding the past to analyze wealth inequality, such as the Gilded Age, which had similar issues of wealth concentration and social unrest.

💡Gilded Age

The Gilded Age, a term coined by Mark Twain, refers to a period in the late 19th century characterized by rapid economic growth alongside severe wealth inequality and social problems. The script compares the current wealth distribution crisis to this era, noting the cyclical nature of such issues in American history.

💡Occupy Wall Street

Occupy Wall Street was a movement that began in 2011, protesting against economic inequality and the influence of corporations on democracy. The script highlights this movement as a significant contemporary response to wealth inequality, where protesters 'deliberately threw mob rule' to bring attention to the issue.

💡Great Recession

The Great Recession is the term used to describe the severe economic downturn that began in late 2007. The video script connects this economic crisis to the rise of wealth inequality and the subsequent social movements that emerged in its aftermath, such as the 99 percent movement.

💡Neoliberalism

Neoliberalism is an economic and political philosophy that advocates for free-market capitalism and deregulation. The script mentions the ideological shift towards neoliberalism in the 1970s and the Reagan administration as a contributing factor to wealth inequality, by promoting policies that favored the wealthy.

💡Tax Cuts

Tax cuts refer to a reduction in taxes, often implemented to stimulate economic growth. The script points out that tax cuts for the wealthy, particularly under George W. Bush's administration, contributed to the exacerbation of wealth inequality by disproportionately benefiting the rich.

💡Social Movements

Social movements are organized efforts by a group of people to bring about social, political, or economic change. The video discusses various social movements, such as the fight for a living wage and Black Lives Matter, as responses to the effects of wealth inequality and a call for a more equitable society.

💡Populist Revolt

The populist revolt, as mentioned in the script, refers to the movement in the 1890s where farmers and workers united to challenge economic and political power imbalances. This historical context is drawn upon to compare with current movements that also seek to address wealth inequality.

💡Progressive Movement

The Progressive Movement emerged in the early 20th century as a response to the social and economic issues of the Gilded Age. The script describes this movement as an effort to control monopolies, end corruption, and promote fair enterprise, which is relevant to understanding how past movements addressed similar issues of wealth inequality.

💡Class Warfare

Class warfare refers to the conflict between different socio-economic classes, particularly the struggle between the rich and the poor for power and resources. The script uses this term to describe the situation during the Gilded Age and suggests that a similar class warfare is occurring today, indicating a continuous struggle against wealth inequality.

Highlights

Addressing wealth inequality and its historical roots, and analyzing its varied impacts on diverse groups within and between societies.

Examining the crisis of wealth distribution in the United States, its causes, impacts, and responses.

Comparing the contemporary wealth inequality crisis to the Gilded Age at the turn of the 20th century.

Recognizing that the United States has experienced wealth inequality crises before, emphasizing the cyclical nature of these issues.

The Occupy Wall Street movement's role in drawing attention to the causes of the economic crisis and wealth inequality.

The public attitude shift towards wealth inequality following the 2008-2009 bank bailouts.

Describing the 99 percent movement's concerns, including joblessness, economic insecurity, and the collapse of the middle class.

Literature on wealth inequality points to the ideological shift in the 1970s and the Reagan administration's trickle-down economics.

Causes of wealth inequality include credit expansion, lack of regulation, political influence of wealthy campaign contributions, and corporate tax loopholes.

The consequences of wealth inequality, such as increased poverty, especially among workers, people of color, immigrants, women, and children.

Immigrant demonstrations for dignity and respect, and the resurrection of May Day in the United States.

Workers organizing for a living wage, known as the Fight for 15, and people of color advocating for police reform and immigration reform.

Drawing parallels between the Gilded Age and today's wealth inequality, including social conflict and economic growth hindrances.

The Second Industrial Revolution's impact on economic growth and the frequent economic depressions of that era.

The juxtaposition of enormous wealth and crushing poverty during the Gilded Age, reflecting the current situation.

The Populist revolt and the Socialist Party's emergence during the Gilded Age as responses to wealth inequality.

The Progressive Movement's goals to control monopolies, end violence associated with labor conflicts, and humanize the system.

The importance of ideas in generating awareness and leading to change, as seen in the Progressive Movement.

Learning from history to appreciate the past and understand the cyclical nature of wealth inequality crises.

Transcripts

you are watching DHTV from California State University Dominguez Hills okay

hello students in this particular segment we're going to address wealth

inequality and we're going to appreciate its historical underpinnings and we're

gonna address one of the most important learning objectives that deals with

analyzing the varied impacts of historical issues on diverse groups

within in between societies so at first we're going to take a look at the crisis

of wealth distribution in the United States we'll take a look at its impact

its causes its impacts and its responses so what we want to do is we want to take

a look at the contemporary crisis of wealth distribution if we go into the

next slide then we could take a look at how Americans are going to deal with a

similar crisis but with but under different circumstances at the turn of

the 20th century let's appreciate how Americans responded to wealth inequality

in an era identified as a Gilded Age we can analyze the significance of the

current solutions to the crisis by appreciating the success that the

movements for change had and getting the government to address wealth inequality

in the past so we have already covered some of the issues but what I want to do

is I want to try to rehearse so that we can recognize that we live in cycles

alright not a linear experience let's realize that the United States has been

through this situation before where wealth inequality has created tremendous

problems now there's a great deal of discussion today regarding the

concentration of wealth including its possible causes and impacts you know one

of the things that you should that we are going to rehearse especially is

Occupy Wall Street movement and try to appreciate the impressions of the

movement and why they seem to be everywhere when the bank

crisis occurred in 2008 now the perhaps the most important single most important

fact shifting America's public attitude towards wealth inequality was the

bailout of banks in 2008 and 2009 so let's go to the next slide and let's

appreciate the contemporary wealth inequality what Occupy Wall Street

helped America focus on were the causes of the crisis they deliberately threw

mob rule protested outside the perpetrators house they demonstrated on

the doorstep of the one-percent fixing the rules of the game in their favor -

the movement the rule riggers were the source of the problem the impact of the

economic crisis that historians label the Great Recession gave rise to the 99

percent the 99 percent became a movement and this movement was their concerns

were joblessness economic insecurity middle class debt a bloated CEO payments

or pay salaries mushrooming student loans grinding poverty and the collapse

of the middle class indeed the euphemism on the streets for class

mobility which was once an important dimension of the American Dream became

get yourself born to wealthy parents so what's literature has been generated

studying both the causes and consequences of wealth inequality many

point to the ideological shift begun in the 1970s formulated in the Reagan

administration so let's go and to the causes there you go the causes

consequences the strategies for change

many point to again the ideological shift begun in the 70s and reformulated

in the Reagan administration has trickled down economics as neoliberalism

as austerity some economists point to the emergence of credit expansion

the failure to regulate and the political influence of campaign

contributions by the wealthy others point to corporate tax loopholes tax

cuts for the wealthy and the attack on organized labor the centerpiece of

george w bush's domestic agenda when he took office in 2001 was a massive tax

cut his administration oversaw the dismantling of environmental

restrictions on the oil timber and mining industries the deregulation of

financial institutions allowed them to engage in risky practices that

contributed to the economic crisis that began in 2007

whatever the cause of the causes the consequences proved and they continue to

be devastating and increase in poverty especially amongst workers people of

color immigrants and women and children and in response to this dilemma

immigrants began demonstrating for dignity and respect and they resurrected

May Day in the United States workers began organizing into unions and they

argued for a living wage calling it the fight for 15 and people of color were

tired of police harassment and the lack of immigration reform so we had

immigration rallies had immigration reform rallies as well as black lives

matter so what assist us in appreciating the

current crisis is that a similar one occurred when we started this class

during the Gilded Age in the late 19th century during what Mark Twain referred

to as the great barbecue remember back then inequality fueled social conflict

just as much as inequality as feeling social conflict today Stark inequality

led to chronic conflict that hobbled economic growth just like today

only it was a different time in the scientific development of the productive

forces while today we live in the information revolution back then it was

the Second Industrial Revolution between 1860 and 1890

the availability of capital for investment the growing supply of labor

abundant natural resources and federal land grants to railroads contributed to

the explosive growth at the economy it's a little bit different today especially

given the environment and the results of the deregulation of the banking industry

now at the same time back then amidst this explosive growth one significant

impact of the Industrial Revolution was the frequent and prolonged economic

depressions this meant that workers had to endure freaking periods of mass

unemployment not to mention dangerous work conditions while farmers

increasingly lost their livelihood so a similar process that's occurring since

2008 meanwhile the same economy that gave Carnegie Rockefeller and Morgan the

opportunity to amass large the largest fortune of fortunes in the history of

the world also required that unskilled industrial workers work an average of 60

hours per week for less than 10 cents an hour jump to today and we can see that

the economy we've got Bezos at amazon.com we have the gates and there's

of course the Walton family from Walmart's they have masked the largest

for fortunes in the history of the world so the people's lives were transformed

in a hundred 120 years ago just as much as they're being transformed today we're

growing urban urban slums living conditions became deplorable diseases

rampant so the Gilded Age came to identify or capture the juxtaposition of

enormous wealth alongside crushing poverty we in this class visited Jacob

Reese's documented struggle and how the other half lives people endured the

panic of 1893 the depression of 1894 that cemented the these social movements

for change we have many different social movements for change occurring today

the crisis in the 1890s was the first time people started understanding that

capitalism was creating a deep chasm between the rich and the poor and that

something had to be done it seems that the people are waking up today back then

farmers and workers aligned together to create the populist revolt

what kind of revolt are we going to are we seeing today the Socialist Party was

organized in demanding unionization of respect for workers anarchists found

voice in the starving masses so historians see in the the Gilded Age the

period is open class warfare historians are now viewing that today we are in

open class warfare the ultra-rich have gained control of the federal government

so back then the movements for change insisted that lies a fair economics was

not the solution to industrial problems and that the federal government had a

responsibility for the nation's social well-being this protest against monopoly

and privilege was ultimately expressed in the assassination of the president at

the turn of the century so perhaps we can recognize that today's movements for

change against privilege and wealth follows the path that has already been

treaded the 20th century starts out with a new social movement which bases its

principles on scientific observation of socio-economic problems the progressive

movement came about as a result of the populist crusade as a result of the

capital labor conflicts in socialist organizing and as a desire by those who

benefited from the system to humanize it so back then progressives came into

being to control monopolies to end the violence associated when the workers

attempted to organize into unions or when farmers fought the bank

foreclosures a key source to igniting the social movement is ideas because

ideas can turn of overturn traditional values ideas can overturn traditional

behaviors ideas and perceptions of reality

aid and generate awareness which often leads to change

the most pressing questions are moral and political and the ideas that were

generated by socialists led to progressives using the government

efficiently and scientifically to end corruption and to control big business

throw out the crooks return power to good citizens get rid of monopolies and

bring back fair enterprise so the progressive intellectuals gave us that

we have much to learn from their experience today and that is why it is

important that we take history classes to help us appreciate the past

you