As President Donald Trump touts a new “golden age” for the United States, some critics have raised comparisons to the Gilded Age—a period in the late 19th and early 20th centuries marked by industrial growth, extreme wealth inequality, and political corruption. To better understand these parallels, historian Richard White, a Stanford professor emeritus, offers insight into the similarities and differences between Trump’s vision and the historical era.
In a recent interview, White noted that while the Gilded Age and today share some common themes, including a focus on industrialization, tariffs, and the consolidation of wealth, they are also distinct in many ways. “Trump’s focus on industrialization and his approach to tariffs mirror the economic policies of the Gilded Age,” White explained. “The way he courts the wealthy also resonates with the period of monopolies and robber barons.”
During his first term, Trump often admired Andrew Jackson, but recently shifted his admiration to William McKinley, a figure emblematic of the Gilded Age. White pointed out that McKinley was known for advocating tariffs, such as the McKinley Tariff, which ultimately had negative political consequences. Trump’s policies, including his push for high tariffs, reflect a similar economic strategy, though White emphasized McKinley’s later moderation of such policies, which Trump has not mirrored.
Another parallel can be found in the evolution of political power. The Gilded Age saw a push for civil service reform following the assassination of President McKinley, and the subsequent presidency of Theodore Roosevelt. Roosevelt’s reforms helped create a more professionalized bureaucracy. Today, Trump’s attempts to weaken the power of the federal bureaucracy contrast with the historical trajectory of strengthening civil service institutions, White explained.
The role of wealth in politics also draws comparisons between Trump’s era and the Gilded Age. White observed that tech magnates like Elon Musk, who have amassed fortunes through government contracts and subsidies, echo the industrialists of the past, such as Andrew Carnegie and John D. Rockefeller. These figures, who influenced both the economy and politics, set a precedent for today’s tech titans, who enjoy similar access to political power.
White also pointed out that inequality, a hallmark of the Gilded Age, remains a defining issue in modern America. While the specific nature of economic ambition has evolved, the pursuit of wealth and financial security continues to shape American society. The conversation about the gold standard during the Gilded Age also mirrors today’s debate over the future of currency, particularly with Trump’s interest in cryptocurrency and the rise of speculative financial practices.
In conclusion, while there are undeniable echoes of the Gilded Age in Trump’s “golden age,” White cautioned that the historical parallels are not perfect. “We’re entering speculative territory again, but it’s important to understand the structural differences,” he said, referring to the shift in economic challenges from deflation in the late 19th century to modern-day deficits. As the U.S. navigates these challenges, it’s clear that history continues to inform the present.
