Laisez Faire
Laissez-faire policy has always been a fundamental principle of the federal government. It basically allows commerce and trade to operate free from government’s controls. From late 18th to mid 19th century, private businesses were at its peak and the government did little to control it. These big industry owners used the monopoly tactic to manipulate all others smaller companies, thus removing competition in the market. However, from 1865 to 1900 policies and views were shifted to a more central focus on the public interests and monopolies began to die out because of the laws and regulations set against them such as the Sherman Anti-trust act and the Interstate Commerce Act.Railroads became the number one leading transportation of goods and traveling in the country. Building it wasn’t easy because it was an expensive venture. Without the assistance of the U.S. government, railroad construction between 1865 and 1900 would have been a failure. Congress provided assistance to the railroad companies in the form of land grants. The land grant to railroads, receiving millions of acres of land, sold the land to make money, built their railroads, and contributed to a more rapid settlement of the West. (Doc D) Although people paid ta
xes for the creation of the railroads, it returns the favor by expanding the economy. The railroads went to work on these lands and began the eastern-western interaction. Eventually “congress terminated its policy of grants to railroads in the 1870s.” (Doc F) As a result, the formation of transcontinental railroads owed it all to the government’s aid. During the free enterprise year, the government had its hand off the economy. However, as monopolies and grew without restraint, the government realized that it was hurting the public interests. Things fundamental to the peoples needs were neglected, such as price regulations of the Standard Oil Company under Rockefeller. By 1865 to 1900 the government passed policies to control commerce. Monopolies and trusts gradually died out by the laws and regulations set against them such as the Sherman Anti-trust act and the Interstate Commerce Act. It is true that without government intervention, the economy will fall to its trough and will never rise again. The economic growth during this time was due largely to industrial expansion and development. Major innovations of the steel industry by Carnegie, electrical energy by Thomas Edison, steamboats by Cornelius Vanderbilt, and
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Approximate Word count = 832
Approximate Pages = 3 (250 words per page double spaced)
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