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The
Gilded Age ended sometimes in the first third of the 20th century,
Some cite the 15th of April 1912, the night when the ocean liner
Titanic sank. Others mention World War I or the stock market crash
of October 24, 1929. All these events certainly had an impact on the
factors which put an end to the Age of Moguls in America. The
Titanic disaster taught mankind that there were still limits to
where it could go. World War I started a process in which the power
of the federal government was increased against the power of the
tycoons, a process which would be furthered by the depression which
followed the stock market crash of 1929. But what really put an end
to the Gilded Age or the age of the moguls, was the introduction of
income and estate taxes during the Wilson administration. Corporate
and income taxes rendered wealth accumulation slower and more
difficult, whereas the estate taxes prevented the perpetuation of
wealth in the hands of the founding families.
The Gilded Age
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