We're seeing a new 'Gilded Age,' where inheritance is a deciding factor in who becomes the wealthiest.
The Gilded Age robber barons - the Goulds, the Vanderbilts, the Morgans and Rockefellers - did quite well under laissez-faire. Most of the rest of Americans were still stuck in the ditch, with little to no economic security, life expectancy of roughly 45 years, and horrific infant mortality rates that claimed 300 babies per 1,000 in the cities.
There's something unique about the United States, a sense of individual rights and freedoms, and a sense of social and civic responsibility that we contributed to so much of the world. We lost that mission in the 1980s and 1990s, when we entered a gilded age, and the culture of individualism became a culture of avarice.
People who teach American history survey classes have a lot of ground to cover and tend to focus on landmarks. You get through the Civil War and Reconstruction, and you have to get to the beginning of the 20th century fast. It's pretty easy to go lightly on the Gilded Age.