The gold deal between J. P. Morgan and Grover Cleveland underscored a dangerous reality: The federal government was so weak that its solvency depended on a private banker. This lopsided power relationship signaled the dominance of business in the era Mark Twain satirically but accurately characterized as the Gilded Age. Birthed by the railroads, the new economy spawned greed, corruption, and vulgarity on a grand scale. Speculators like Jay Gould not only built but also wrecked railroads to turn paper profits; the get-rich-quick ethic of the gold rush infused the whole continent; and business boasted openly of buying politicians, who in turn lined their pockets at the public’s expense.

Nevertheless, the Gilded Age was not without its share of solid achievements. Where dusty roads and cattle trails once sprawled across the continent, steel rails now bound the country together, creating a national market that enabled America to make the leap into the industrial age. Factories and refineries poured out American steel and oil at unprecedented rates. Businessmen like Carnegie, Rockefeller, and Morgan developed new strategies to consolidate American industry. New inventions, including the telephone and electric light and power, transformed Americans’ everyday lives.

By the end of the nineteenth century, the United States had achieved industrial maturity. It boasted the largest, most innovative, most productive economy in the world. The rise of Gilded Age industry came at a cost, however. The rampant railway building changed the nature of politics in the United States, entwining the state and the corporations and making a mockery of a free market economy. And as one historian speculated, had railroad magnates waited to build western railroads to meet demand, their restraint might have resulted in less waste, less environmental degradation, and less human suffering for Native Americans and whites alike.

The effects of American industry worried many Americans and gave rise to the era’s political turmoil. Race and gender profoundly influenced American politics, leading to new political alliances. Fearless activist Ida B. Wells fought racism in its most brutal form—lynching. Women’s organizations championed causes, notably suffrage and temperance, and challenged prevailing views of woman’s proper sphere. Reformers fought corruption by instituting civil service. And new issues—the tariff, the regulation of the trusts, and currency reform—restructured the nation’s politics.

The Gilded Age witnessed a nation transformed. Fueled by railroad building and expanding industry, cities grew exponentially, bulging at the seams with new inhabitants from around the globe and bristling with new bridges, subways, and skyscrapers. The frenzied growth of urban America brought wealth and opportunity, but also the exploitation of labor, racism toward newcomers, and social upheaval that lent a new urgency to calls for social reform.