Economic self-help

Definition

Economic self-help refers to the movement during the Gilded Age where individuals and communities sought to improve their economic circumstances through cooperative efforts and self-sufficiency, rather than relying on external aid or government intervention. This concept connected various reform movements focused on social justice, labor rights, and the promotion of cooperative economic practices that aimed to empower the working class and address the challenges brought on by rapid industrialization.

5 Must Know Facts For Your Next Test

1. The economic self-help movement gained traction as a response to the negative impacts of rapid industrialization, such as job insecurity, exploitation of workers, and poor living conditions.
2. Various groups formed cooperatives to collectively buy goods at lower prices, share resources, and increase their bargaining power in the marketplace.
3. The Grange movement, which started as an agricultural organization, played a significant role in promoting economic self-help among farmers by encouraging cooperative buying and selling practices.
4. Economic self-help was often linked with other social reform movements of the era, such as women's suffrage and temperance, as activists sought to create a more equitable society.
5. While economic self-help initiatives faced challenges from powerful business interests and government policies favoring capitalism, they laid the groundwork for future labor rights movements and cooperative enterprises.

Review Questions

• How did economic self-help reflect the broader social and economic changes during the Gilded Age?
  • Economic self-help emerged during the Gilded Age as a response to significant social and economic changes driven by rapid industrialization. Many individuals faced job insecurity, exploitation, and poor living conditions, prompting them to seek alternative solutions through cooperative efforts. This movement reflected a growing awareness among workers of their collective power and a desire for greater control over their economic destinies.
• In what ways did the cooperative movement contribute to the goals of economic self-help during this period?
  • The cooperative movement significantly contributed to economic self-help by fostering collaboration among individuals to achieve shared economic goals. By establishing cooperatives, members were able to pool their resources, reduce costs, and increase access to goods and services. This collective approach not only empowered communities but also reinforced the idea that working together could lead to improved economic outcomes in contrast to individualistic competition.
• Evaluate the impact of economic self-help on labor unions and broader reform movements during the Gilded Age.
  • Economic self-help had a profound impact on labor unions and broader reform movements by promoting solidarity among workers and encouraging collective action. As workers organized into unions, they adopted principles of self-help to advocate for better wages and working conditions. This connection strengthened the push for social reforms addressing inequality and laid the foundation for later labor rights advancements, as both movements recognized the importance of collective empowerment in achieving their goals.

Related terms

Cooperative movement: A social movement that promotes the establishment of cooperative enterprises where members work together to achieve common economic goals and share profits.

Labor unions: Organizations formed by workers to protect their rights and interests, advocate for better working conditions, and negotiate wages and benefits.

Populism:

A political approach that seeks to represent the interests of ordinary people, often emphasizing agrarian concerns and advocating for reforms that support the working class against elite control.