It is easy to caricature the Gilded Age as an era of corruption, conspicuous consumption, and unfettered capitalism. But it is more useful to think of this as modern America’s formative period, when an agrarian society of small producers was transformed into an urban society dominated by industrial corporations.

The late 19th century saw the creation of a modern industrial economy. A national transportation and communication network was created, the corporation became the dominant form of business organization, and a managerial revolution transformed business operations.

An era of intense partisanship, the Gilded Age was also an era of reform. The Civil Service Act sought to curb government corruption by requiring applicants for certain governmental jobs to take a competitive examination. The Interstate Commerce Act sought to end discrimination by railroads against small shippers and the Sherman Antitrust Act outlawed business monopolies.

These were turbulent years that saw labor violence, rising racial tension, militancy among farmers, and discontent among the unemployed. Burdened by heavy debts and falling farm prices, many farmers joined the Populist party, which called for an increase in the amount of money in circulation, government assistance to help farmers repay loans, tariff reductions, and a graduated income tax.