He loves gold. In all its forms. And grand visions. So it’s not surprising that Trump has adopted the phrase “Golden Age.”

But what does that really mean?

The terms “Golden Age” and “Gilded Age” are often used interchangably, but they refer to two entirely different things… and one seems more apropos than the other.

The Gilded Age  (1873–1893)

The term Gilded Age refers to a period in the history of the United States characterized by rapid industrialization, economic growth, and massive wealth accumulation by figures like Andrew Carnegie, John D. Rockefeller, and J.P. Morgan.

The term comes from Mark Twain’s book titled The Gilded Age: A Tale of Today, co-authored by his friend Charles Dudley Warner, an essayist and novelist, and co-editor of the Hartford Courant newspaper. It referred to the period in the late 19th century period during which everything glittered on the surface, but was corrupt underneath.

During the Gilded Age, the United States became the world leader in industrialization. The economy expanded into new areas like coal mining, petroleum, railroads, and industrial manufacturing.

• Petroleum launched a new industry beginning with the Pennsylvania oil fields in the 1860s
• The first transcontinental railroad opened in 1869
• Cities grew rapidly as immigrants and rural Americans sought jobs in urban centers
• The corporation became the dominant form of business organization
• Thomas Edison’s patent for the carbon filament light bulb in 1879 led to wwidespread adoption of electric lighting in homes, businesses, factories and electric streetcars. This had a tremendous impact on the economy, thus the era is often referred to as the “Age of Edison”
• The gramophone was invented by Emile Berliner
• The steam locomotive, steamship, automobile, airplane, telegraph, radio telephone and typewriter were invented.

But much of this success came as a result of political corruption and abuse of workers and consumers.

Income inequality ballooned and political corruption flourished during the Gilded Age. Labor unrest, monopolies, abysmal working conditions, and widespread poverty marked the period.

• The Gilded Age was a time of extreme poverty for the working classes
• Impoverished immigrants lived in overcrowded tenements with poor plumbing and ventilation
• The rise of the corporation led to the displacement of small, locally owned businesses
• President Grover Cleveland vetoed the Texas Seed Bill, which would have helped farmers during a drought

Wealthy industrialists like Andrew Carnegie, James J Hill, and Cornelius Vanderbilt and John D Rockefeller became known as ‘robber barons’ because they used ruthless and unethical practices to build their wealth.

Some robber barons like Robert Fulton (steamboat), Leland Stanford (transcontinental railroad, politician), and Edward Knight Collins (shipping), e created wealth through so-called  “political entrepreneurship.” It was not uncommon during the 1800’s for wealthy railroad tycoons to benefit from privileged access and financing from the government. Through their use of lobbyists, they were granted monopolistic special licenses, per-mile subsidies, huge land grants, and low-interest loans.

Robber Barons were detested for being monopolists who gained industry advantages through political favor and bribery. They boosted profits by eliminating competition, then intentionally restricting the production of goods to raise prices–while keeping worker wages low. Their actions, and those of business owners wishing to emulate them, led to public resentment and passage of the Sherman Antitrust Act of 1890.

Which Golden Age Do You Mean?

“The Golden Age” is a term used metaphorically to describe an idyllic period of prosperity, innovation, or achievement within a specific society, culture, or domain. Its meaning and application depend on context, but generally, it evokes nostalgia for a time perceived as better or more exceptional than the present.

The phrase originates from Greek and Roman mythology. According to Hesiod’s Works and Days, the “Golden Age” was the first age of humankind, characterized by peace, harmony and widespread prosperity allowing people lived free of toil and strife. Hesiod’s ‘first age’ was followed by less ideal ages; Silver, Bronze, Heroic, and Iron.

The term “Golden Age” in American history is often applied to different periods, depending on the context. Generally, it describes an era of exceptional achievement, prosperity, or influence. Each “Golden Age” is remembered for its achievements and challenges.

Post-War Economic Boom of 1945-1970s

Following World War II, Americans experienced a period often described as the “Golden Age” of economic prosperity and social stability:

• Economic Growth: Rapid GDP growth and low unemployment rates.
• Middle-Class Expansion: Increased wages and widespread homeownership, spurred by the GI Bill and suburban development.
• Cultural Growth: The rise of television, automobiles, and consumer culture.
• Global Influence: The U.S. emerged as a global superpower, leading efforts like the Marshall Plan and shaping global institutions like the United Nations.
• Social Movements: This era also laid the groundwork for civil rights movements, womens rights movenent, and cultural shifts

The Age of Innovation and Technology (Late 20th–21st Century)

Some consider the rise of Silicon Valley and the tech boom as a modern “Golden Age”:

• Technological Advancements: Development of computers, the internet, search engines, smartphones, and biotechnology
• Entrepreneurship: Companies like Apple, Microsoft, Google, and Amazon revolutionized global industries
• Cultural Influence: American tech and entertainment industries dominate globally
• Downsides: Growing income inequality, climate change concerns, and political polarization

And there are other applications, such as “The Golden Age of Hollywood” or “The Golden Age of Jazz.”

So “The Golden Age” is not a thing unless you define it. What is Trump’s Golden Age intended to be?

When we filter out all the noise and hyperbole, there are two words: Tarrifs and Subsidies.

1. Tariffs: A tariff is a tax imposed on imported goods, which raises the price of those goods in the domestic market.

How They Create Fortunes

Protecting Domestic Industries: By making imported goods more expensive, tariffs reduce competition for domestic producers, allowing them to charge higher prices or capture a larger market share. For example, in the steel industry, if tariffs are applied to imported steel, U.S. steel manufacturers might realize increased demand and profits as their products become comparatively cheaper.

Encouraging Investment In Protected Industries: Businesses and investors might favor sectors shielded by tariffs, generating substantial returns during periods of protection.

Pre-Tariff Speculation: Importers might stockpile goods in anticipation of tariffs, profiting from price increases once tariffs take effect.

Political Connections: Those with insider knowledge or influence over tariff policy can position themselves to benefit by securing exemptions for their products or investments.

2. Subsidies: Financial incentives provided by the government to support specific industries, companies, or activities.

How They Create Fortunes

Direct Financial Support: Companies receiving subsidies (tax breaks, grants, or price guarantees) benefit from lower costs and/or guaranteed revenue, increasing their profitability. In the agriculture sector, for instance, farmers receiving subsidies for crops like corn or wheat can survive market downturns.

Innovation Boosts: Subsidies for research and development (R&D) in fields like renewable energy or technology can lead to profitable breakthroughs.

Creation Of Artificial Markets: Subsidies can also create demand for specific products. Electric vehicles were a good example of this. Subsidies in the form of tax credits for EV purchases and production have benefitted companies like Tesla, which received both consumer subsidies and government grants.

Political Influence And Favoritism: Those with strong political connections often secure disproportionate benefits from subsidies, allowing them to dominate markets. This is why you see CEOs, investors and innovators flocking to Washington to curry favor.

Combined Effects of Tariffs and Subsidies: 

• Vertical Integration Opportunities: Tariffs can protect domestic industries, while subsidies encourage investment in related sectors. For example, an energy company might benefit from tariffs on imported solar panels while receiving subsidies to manufacture panels domestically.

• Distorting Markets: Both policies can create inefficiencies that some actors exploit for financial gain. For instance, a company might rely on subsidies to produce goods that are uncompetitive globally but profitable domestically due to tariff protection.

Not A Consumer Benefit

In general, tariffs do not benefit consumers. They raise the price of goods, reduce choice, and have an inflationary effect.

Tariffs and subsidies often disproportionately benefit businesses with political connections, reducing competition. While creating fortunes for a few, these policies typically lead to higher costs for consumers, reducing overall economic efficiency. Tariffs may spark trade wars, and subsidies might violate international trade agreements, creating risks for long-term stability.

By reshaping market dynamics, tariffs and subsidies create opportunities for a select few businesses and investors to generate wealth, usually at the expense of competition or taxpayers. Those who anticipate or influence these policies are typically the biggest beneficiaries.

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