today, i will learn... –to evaluate the changing economic policy of the u.s. government during the...
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• Today, I will learn . . .– To evaluate the changing economic policy
of the U.S. government during the Progressive Era.
• I will learn it by . . .– Listening to lecture & using Cornell Note
Strategies.
• I have learned it when I can . . .– Create a graphic organizer that represents
domestic and foreign policy issues related to economic growth from 1870s to 1920s.
Three Questions
• How did the relationship between the federal government and private business change from the 1870s to 1920?
Essential Question
Progressive Era Economic Policy Issues
©2012, TESCCC
CHANGING RELATIONSHIP BETWEEN THE FEDERAL GOVERNMENT AND PRIVATE BUSINESS
©2012, TESCCC
Laissez-faire government
Cost
• Limiting government control reduces the possibility of regulation and corruption manifesting
Benefit
• Allows the market to govern itself
• Based on supply and demand
©2012, TESCCC
©2012, TESCCC
Anti-Trust Acts
Cost
• Law had been in place since the 1890s but was not used to regulate corporations
• Laissez-faire principles believed in allowing the business to work out its own destiny
Benefit
• Giant corporations were no longer allowed to monopolize the market to set prices or control industries
©2012, TESCCC
Interstate Commerce Commission
Cost
• Regulatory commissions were created to determine if trusts were “bad” or “good” trusts
• Commissions were not very effective
Benefit
• Even though the commissions were somewhat ineffective, the idea that public good was prioritized over private greed became more apparent
©2012, TESCCC
Pure Food and Drug Act
Cost
• Prevented the manufacture, sale, or transportation of adulterated or misbranded or poisonous or deleterious foods, drugs, medicines, and liquors, and for regulating traffic , etc.
Benefit
• Protected the public consumption of these goods
©2012, TESCCC
FOREIGN POLICIES IMPACT ECONOMIC ISSUES
©2012, TESCCC
Chinese Exclusion Act, 1882
• First major law that restricted immigration in the U.S.
• Extended in 1902, 1904 – and until the 1940s
• Enacted in reaction to West coast fears that Chinese workers were undercutting American labor and wages
©2012, TESCCC
Open Door Policy
• Sec. of State John Hay’s economic policy in China
• Gave imperial powers equal trading rights in the country in 1899-1900
• Policy spurred the Boxer Rebellion – Chinese nationalists revolted against foreign invasion
• U.S. had to suppress the rebellion
©2012, TESCCC
Boxer Rebellion Editorial Cartoon
©2012, TESCCC
New Open Door Policy
Cue the laughs now!!!!
Very Bad Joke!!!
Dollar Diplomacy
• Taft encouraged U.S. investment in Latin American and Far East
• Promised military protection abroad• As priorities shifted in global relations, U.S
foreign policy makers returned to a goal of isolationism prior to World War I
©2012, TESCCC
Immigration Quotas
• 1880s – growing concern about immigration
• As a result of World War I, National Origins Quota Act, 1921 was passed – set the quota of legal immigrants to 3% of their current ethnic makeup in the U.S. (law changed 3 years later)
©2012, TESCCC
MONETARY POLICY
©2012, TESCCC
Federal Reserve Act, 1913
• Created the central banking system• Granted legal authority to issue legal
tender• Charged with regulating U.S. monetary
policy• Eventually, in 1971, America moves from
the gold standard to fiat money
©2012, TESCCC
Between 1870 and 1920
• Progressive reforms moved away from the laissez-faire government to offer regulations in business and industries to protect the consumer.
• Anti-trust acts, regulatory commissions, and multiple regulatory pieces of legislation were enacted to protect the consumer – Federal Reserve, Sherman Anti-Trust Act, etc.
• American foreign policy emerged on the global stage and retreated to a policy of isolationism©2012, TESCCC
This is an overall Summary of today’s notes!!!
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