When I started this monograph I assumed it would be possible to identify the various schools such as revisionist, post revisionist and New Left historians which would cover the sweeping changes of laissez-faire capitalism in the 20th Century. When I began to redefine my thesis, I found that there were omissions by the Conservative (revisionists) historians for the Progressive timeline from the early 20th century forward to the New Deal era. There appears to be a failure to “connect the dots” between legislation done at the beginning of the 20th century through the New Deal era to today’s headlines. While historians like Shlaes, Pells and several others cover the New Deal era and the political thinkers of the “Brain Trust”; they failed to …show more content…
These key assets are can be described as funding instruments, either credit, cash, stocks or bonds. Prior to the Civil War; the bulk of wealth in the United States was concentrated into the physical assets of slavery. The advent of railroads required the massive infusion of resources; physical resources, a labor pool, and most importantly capital. Many of the railroads in the United States prior to the Civil War were underfunded and quickly went bankrupt. While there were state subsidies for railroads before the Civil War, it often led to financial disaster in many states. Consequently States outlawed further public subsidies to reign in their losses. The design and expansion of the trans-continental railroad required a massive infusion of wealth which was beyond the capabilities of all the financial resources of the time. Only the intervention of the Federal government could serve the long term financial interests of the railroads like the Union …show more content…
Other revisionist historians saw a differing opinion of the “gilded age” of railroads. Historian Gabriel Kolko has argued that railroad men utterly failed to control destructive competition and that, as a matter of self-interest; they became the chief proponents of federal regulation throughout the period from 1877 to 1917. Robert Wiebe saw the late-nineteenth century in a similar light and made the "search for order" the central theme of progressive economic thought. These revisionists see self-interest rather than high-minded regard for the "public welfare" as the genesis of federal regulation: to that extent, revisionism is perhaps a victory for
Phillips-Fein’s writing provides historical examples that helped back her overall message of Invisible Hands; her message being that the business elites had heavy political influence during the four decades of the period. A book that can be compared to Phillips-Fein’s work is Jim Powell’s FDR's Folly: How Roosevelt and His New Deal Prolonged the Great Depression. In this writing we see more of a one sided view of liberalism with a lot of history based around Roosevelt rather than the conservative movement. However, in both writings we can trace a similarity in the New Deal and draw a conclusion that there were those who supported more government regulations and those who did not.
Babanjit S. Boyal A Glitch in the Modernity of Western America In the few beginning passages of Richard White’s “Railroaded: The Transcontinentals and the Making of Modern America” he talks about how big monopolized corporations in the late nineteenth and early twenty first centuries built an overabundance of railroads adjoining the East with the West in the United States. These railroads where indefinitely built ahead demand when analyzing the fact that the country had just finished fighting the Civil War at the time.
These railroads, however, were expensive and needed many willing workers and finances to keep it going. During the Panic of 1873, many of the railroads that were built or in the process of building, got shut down. The economy was plummeting and the railroad companies could not keep up with the expenses. One Canadian-born,
In the 1930’s a group of government programs and policies were established under President Franklin D. Roosevelt, they were created with the intention to help the American people during The Great Depression. The Great Depression was a time were many banks failed, many businesses and factories went bankrupt, and millions of Americans are out of work, homeless, and hungry. Most New Deal programs gave American citizens economic relief, chances for employment and helped for the general good. The New Deal’s intention was to help Americans during these troubling times filled with economic uncertainty, and in that aspect, it was a success. After the New Deal was implemented, unemployment rates were gradually lowered.
Although the Great Depression had torn apart the prosperity of the United States, hope soon enough resurfaced in the form of presidential candidate Franklin Delano Roosevelt’s promises of a “new deal”. However, Roosevelt’s attempts at economic and social reform met mixed results - although his efforts to mend the extreme personal debt of farms and banks (as well as the general population) did succeed (at least in part), his attempts to remedy the unemployment crisis and the growing national debt were failures, and in the case of national debt, he may have even made the problem worse. The origin of these failures is likely the methods Roosevelt used themselves - one effort to fix the economy surrounding farmers was even deemed unconstitutional,
Money has always been a big issue, even in today’s society. When a problem emerges we turn to money to try and help us dig our way out. This was the same case for railroads. Due to their expensiveness, investments through the connectedness of the banks and government needed to be issued. “In late 1890 the Interstate-Commerce Railway Association died at the hands of the corporations that formed it…
Transcontinental Railroad Tera Richardson, 4336787 History 102 B008 Sum 17 Professor Traci Sumner American Military University July 22, 2017 Abstract The transcontinental railroad was one of the biggest advocates for the industrial economy and westward expansion. The railroads could transfer goods and people across the country with ease, and quickly. While some bad came from this miraculous progression, such as the panic of 1873 and a yellow fever epidemic, the good outweighed the bad as it enabled the United States to fulfill its Manifest Destiny through westward expansion.
White wrote an article, “Information, Markets, and Corruption: Transcontinental Railroads in the Gilded Age” published in The Journal of American History, he rejects the idea that the building of the transcontinental railroad was a grand venture, but a corruption filled schemed aimed at making the rich richer. His thesis states, “At the center of national corruption, both financial and political, were particular corporations: the railroad. They were the major corporate consumers of capital and the leading corporate objects of both regulation and aid…the transcontinental chartered to cross the western United States-were particularly open to corruption.” White specifically writes about the financial corruption. In his article, he also explains what other historians have written on the
The War Between the States was one of America’s greatest wars—it was the fight for freedom, but it also impacted the economy. Because of this, America’s labor and transportation systems both took a significant turn during the Civil War, impacting America’s economy forever. In the end, the American Civil War greatly benefitted our transportation system, but devastated the South’s labor force. For a war to be fought strategically well, there first must be a form of simple, yet speedy, transportation. That is where the transcontinental railroad came in.
Between 1865 and 1920, the United States became the world's leading industrial capitalist nation. Two principal obstacles blocked the way, each of them arising from capitalism itself, a growing working class which increasingly insisted on sharing the fruits of industrial production and competition among existing firms. The United States government was keen on helping emerging industries as these industries help stabilize the economy. These industries slowly turned into monopolies by removing existing competition. Monopolies set prices at a level that would earn profits, but not so high as to antagonize customers.
The transcontinental railroad system developed after the Civil War in 1869; this was at the time of the Gilded Age. The reason why the railroads were industrialized, was to revolutionize and expanded the economic growth throughout the United States. Thus, allowing commercial goods to be delivered for a lower rate, as well as, transporting people across the country from coast to coast. During this era, Jay Gould became a railroad mogul, by monopolizing the railroads. As stated in the textbook, 'He operated in the stock market like a shark".
With the advent of the railroad, many of these issues disappeared. Railroads had a major impact on advancing the American economy, transforming America into a modern society, and improving an antiquated transportation system. The building of railroads created rapid economic growth in America. Railroad companies employed more than one million workers to build and maintain railroads. At the same time, coal, timber, and steel industries employed thousands of workers to provide the supplies necessary to build railroads (Chapter 12 Industrialization).
According to the article The Railway Journey, modern transportation “created a definite spatial distance between the places of production and the place of consumption did the goods become uprooted commodities” (40 Railroad Journey). Basically, this means that since the railroad allowed goods to be shipped to further distances at faster rates which resulted in mass productions and shipments of goods which resulted in a stable economy for the United
The first way that the economy was impacted was that with the ease and efficiency of the railroads, they created a large demand for goods and labor because they needed a lot of people to help build the railroads and also needed a large quantity of steel for the rails and wood for the railroad ties. Secondly the railroads created a huge national market because of the simplicity of delivering goods from place to place. The railroads helped the people in even the most rural place prosper with the cost efficient transportation of the trains. From 1830 to 1861, the United States laid aproximately 30,000 miles of railroad track, which led to an increase in demand for coal which was used to produce iron for the
The building of roads, canals and railroads played a large role in the United States during the 1800s. They served the purpose of connecting towns and settlements so that goods could be transported quickly and more efficiently. These goods could be transported fast, cheap and in safe way through the Erie Canal that was built to connect the Great Lakes to New York. Railroads were important during Civil War as well, because it helped in the transportation of goods, supplies and weapons when necessary. These new forms of transportation shaped the United States into the place that it is today.