Presentation Transcript

1. Three Questions 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.
2. Essential Question How did the relationship between the federal government and private business change from the 1870s to 1920?

3. Progressive Era Economic Policy Issues

4. Changing Relationship between the Federal government and private business
5. Laissez-faire government Cost Benefit Allows the market to govern itself Based on supply and demand Limiting government control reduces the possibility of regulation and corruption manifesting
6. Anti-Trust Acts Cost Benefit Giant corporations were no longer allowed to monopolize the market to set prices or control industries 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
7. Interstate Commerce Commission Cost Benefit Even though the commissions were somewhat ineffective, the idea that public good was prioritized over private greed became more apparent Regulatory commissions were created to determine if trusts were “bad” or “good” trusts Commissions were not very effective
8. Pure Food and Drug Act Cost Benefit Protected the public consumption of these goods Prevented the manufacture, sale, or transportation of adulterated or misbranded or poisonous or deleterious foods, drugs, medicines, and liquors, and for regulating traffic , etc.
9. Foreign policies impact economic issues
10. 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
11. 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
12. Boxer Rebellion Editorial Cartoon
13. New Open Door Policy Very Bad Joke!!! Cue the laughs now!!!!
14. 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
15. 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)
16. Monetary policy
17. 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
18. Between 1870 and 1920 This is an overall Summary of today’s notes!!! 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