What was trust-busting, History

Assignment Help:

What was trust-busting

In the late nineteenth and early twentieth century, industrialization, urbanization, and immigration transformed the United States. Twenty-six million immigrants arrived in the U.S. between 1880 and 1920. Many of these new immigrants settled in America's cities, which became extraordinarily crowded. Industrialization grew rapidly after the Civil War until, by 1894, the United States' industrial output was larger than the output of its rivals: Britain, Germany, and France. Enormous new business corporations, such as U.S. Steel and Standard Oil, gained tremendous power in the American economy and in politics. Many Progressives were determined to curb the power of these business monopolies.

Progressivism was a mixture of religious and secular impulses. Some progressives believed in the Social Gospel, a theological movement that suggested that Christians ought to save society, not individual souls. Many progressives also accepted the new influence of social science. They were impressed that social scientists could study social problems and find solutions for those problems.

At the national level, progressivism began with the presidency of Theodore Roosevelt, who became president upon the assassination of William McKinley in 1901. Roosevelt became famous for trust-busting. This meant the use of the power of the federal government to break up trusts, corporations that had gained monopoly power in their line of business. Roosevelt enforced the Sherman Anti-Trust Act (1890), which outlawed combinations "in restraint of trade. In 1904, the administration succeeded in breaking up the Northern Securities Corporation, which controlled railroads in the Northwest. Most famously, the Roosevelt administration broke up John D. Rockefeller's Standard Oil company, which dominated petroleum production in the U.S. After years of effort, the government finally split Standard Oil into several separate companies in 1911 (after Roosevelt had left office). Roosevelt also signed the Hepburn Act (1906), which regulated railroad freight rates. Roosevelt's term was also notable for his interest in conserving America's natural resources. He protected millions of acres of land by creating new national parks and forests.


Related Discussions:- What was trust-busting

Strongest cultural and political influence, Which countries did China exert...

Which countries did China exert the strongest cultural and political influence?

Cultural diversity in the european union, Similarity of cultures can make o...

Similarity of cultures can make or break an economic union. Although there is great cultural diversity in the European Union, key members share ___________________ and are commonly

Soviet union and eastern europe become inevitable, At what point did the fa...

At what point did the fall of Communism in the Soviet Union and Eastern Europe become inevitable?

Explain about the the lutheran movement, The Lutheran Movement One audi...

The Lutheran Movement One audience for Luther's writings were those who were discontented not only with the pope and the Church but with other aspects of early modern society a

New deal - what do they have in common, The progressives and the New Deal w...

The progressives and the New Deal what do they have in common, what ideas/values is common?

Ideal world of romanticism, A. In your essay compare and contrast the ideal...

A. In your essay compare and contrast the ideal world of romanticism, impressionism and utopian societies with the realities of a post industrialized Europe. B. What events and

What was the role of nationalism, What was the role of nationalism and the ...

What was the role of nationalism and the working class in the revolts of the events in the year 1848?

Explain capitalism and personal freedom, The greatest Roman contributions t...

The greatest Roman contributions to Western government were capitalism and personal freedom democracy and the rejection of slavery codified laws and citizenship rights

What perennial problem did china share with rome, What perennial problem di...

What perennial problem did China share with Rome? A. An inability to get foreigners to accept their culture B. An insecure method of succession for leaders C. A lack of educated

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd