American Economic History

Undergraduate
Essay
History
Pages 9 (2259 words)
Download 0
During the early days of American history, the founding fathers of the country had a lot of challenges to face and most important of which was keeping the country united and ensuring the survival of the country. The government and the political leaders did not want to take any…

Introduction

Laissez-faire doctrine was generally accepted by all the political leaders of that time and the role of the government was limited to the maintenance of law and order in economic affairs. The concept of regulatory authorities was introduced much later and the government’s involvement was kept at a minimum during the early years of independence. This was done for the protection of the interests of the investors and capitalists of that time because the newly born country was not in a position to support its economy on its own and the confidence of the investors had to be built up. The strategy was successful and was the most significant factor behind the rapid economic growth of the country in the immediate years after the War of Independence. However such a strategy could not have lasted forever and therefore during the later part of the 19th century farmer and labour movements started to emerge in different parts of the country in protesting about the oppressive behaviors of the investors and capitalists. Under these circumstances, government had to change its strategy and with the emergence of the first labor union in 1820’s the government started intervening in the economic affairs of the country.
The emergence and establishment of labor unions in the country was a significant factor in bringing about a revolution in the economic life of the country (Danny). These changing conditions resulted in the formulation of an educated middle class in the country which forced the government to introduce regulations in the business practices in order to ensure the provision of rights to the employees, establishment of free market economy and to ensure quality control.
The Sherman Antitrust Act which ensured the presence of competition in the market by barring large enterprises from establishing a monoply in a single industry and the Interstate Commerce Act, a regulatory mechanism for the railroad industry which required the railroad fares to be kept ...
Download paper
Not exactly what you need?

Related papers

american history
The revisions made on the book have been aimed at getting the complete attention of his students and according to him those who have tried reading it find it indispensable. This book provides fresh evidence in each chapter that it contains and also includes other recent research findings that have been made by scholars. It provides details on the wars that occurred between the natives and the…
American History
Whatever the cause of one of the fiercest wars in American history, it is worth noting that the event is a good example of interconnection between economics, politics and race. The North was very different from the south in terms of the economy and this in turn affected the politics of the day with the central question being the place of slavery in the economy. Slavery on the other hand, was a…
american history
Most families could remain behind working on the land to produce food. The Indians believed in communal ownership of land and therefore did not use land for economic purposes. It is also interesting to note that the Native Americans were not even educated in anyway including on the way to use their land but they could still survive. However, the entrance of the Britons changed and transformed the…
american history.
Answer 1 Social regulations refer to the measures taken by the government to protect public interest such as health, environmental controls, safety regulations and also restrictions on advertising and labeling. The cold war period experienced intense government intervention on social regulations. The government established many regulatory agencies such as Environmental protection Agency, Equal…
American Economic History
Laissez-faire doctrine was generally accepted by all the political leaders of that time and the role of the government was limited to the maintenance of law and order in economic affairs. The concept of regulatory authorities was introduced much later and the government’s involvement was kept at a minimum during the early years of independence. This was done for the protection of the interests…
american history
The American civil War has also been known to be the earliest industrial battles due to the extensive use of railroads, steamships, mass-produced weapons and the telegraph. The mobilization of mines, food supplies, transportation and shipyards all predicted Word War 1. The civil war is known to be the deadliest battle in the United States’ history (Brinkley).…
american history
struction was more focused on the civil rights amendment while the presidential plan seemed to divide the people even more especially those from the south. Both plans however were similar in the context of solving a political problem because they wanted to restore the political state and reducing other instances of war.…