Helena Zhang
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Robber Barons and the Gold Panic of 1869: Lessons for Economic and Political Governance
US Economic History
Volume 9 | Issue IV | December 2025
Horace Mann School ’26
New York, United States
I have always been passionate about the intersection between History and Economics. While studying the Gilded Age and the Progressive Era in my US History class, I was especially intrigued by the relationship between the rapidly expanding economy and the evolving post-war government. In reading about robber barons and the rise of laissez-faire policies, I encountered the Black Friday Gold Panic of 1869, in which speculative investors Jay Gould and James Fisk attempted to corner the gold market but failed following government intervention. Although it is relatively overlooked, this event underscores the strengths and flaws of the developing American political economy and remains relevant to understanding the evolution of American democracy and contemporary political and economic issues. This paper is the culmination of two years of research, through which I have grown immensely as a writer and aspiring historian of political economy. I am grateful to The Schola for encouraging me to engage deeply not only with my topic but also with its broader implications, inspiring me to consider how historical contexts shape modern issues and inform the ways we address them. In addition to historical writing, I enjoy singing, playing the piano, and writing and editing articles for my school’s current events magazine.