The Growth of American Government from the End of...

In the past, the nation’s government took the â€Å"laissez-faire† approach to dealing with the economy and/or free market affairs. The government intervened as little as possible, asserting the belief felt that if left alone, economic problems would be resolved without government interference. However, this approach was not guaranteed, and at times, the government had to put aside the â€Å"laissez-faire† approach of the past. The government had no other choice but to intervene in these instances to return balance to the economy and protect its citizens it served. The government changed both its approach and its size through programs initiated by the Industrial Revolution, New Deal programs during and following the Great Depression, and World†¦show more content†¦Its purpose was to address the problem of the railroad monopolies by setting guidelines on how they were to conduct business: by charging just and reasonable rates for shipping and passeng ers, banning discounts and rebates, illegalizing price discrimination against small markets, and most importantly, it established a five member panel to investigate and hold the railroad executives accountable for breaking the laws of the act.3 During the building of the Transcontinental Railroad, the railroads themselves created a large market for the steel and iron industries.4 The steel and oil industries were booming and corruption was rampant. Andrew Carnegie had cornered the market in the steel industry and John D. Rockefeller had cornered the oil market. Rockefeller bought up his competition after essentially putting them out of business by flooding the market with refined oil bringing down prices and profits. He was determined to pay no one a profit because he wanted it all for himself. He created a plan called vertical integration which consolidated his businesses into one by creating The Standard Oil Trust.5 These two men became known as barons and got rich beyond belief. In 1890, the Government enacted the Sherman Anti-Trust Act to prevent large firms from controlling one single industry and finally put a stop to these monopolies and trusts, 6 but it was not rigorously enforced until the 1900’s. Thi s act was designed to restore competition andShow MoreRelatedWorld War I, The Great Depression And Its Aftermath1004 Words   |  5 PagesWhen considering time between 1865 and 1945, United States history evolved and differed from period to period. 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