Populism to WWI: Financial Differences

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Questions and Answers

How did the economic goals of debtors and creditors differ during the late 19th century, and how did this difference fuel political debates?

Debtors, often farmers, wanted inflation to ease debt repayment, while creditors desired stable prices or deflation to protect their investments. This conflict led to debates over monetary policy, such as bimetallism.

Explain how the Omaha Platform of the Populist Party aimed to address the economic challenges faced by farmers and laborers in the late 19th century.

The Omaha Platform proposed policies like government regulation of railroads, a graduated income tax, direct election of senators, and bimetallism (free coinage of silver) to alleviate economic hardship for farmers and laborers and challenge the power of big businesses.

In what ways did the views of Adam Smith and Karl Marx diverge on the topic of economic systems, and what were the core beliefs underpinning their perspectives?

Adam Smith advocated for capitalism with free markets and minimal government intervention (laissez-faire), while Karl Marx critiqued capitalism and envisioned a socialist/communist system where workers control the means of production to eliminate economic inequality.

Describe the goals of Radical Republicans during Reconstruction and contrast them with the goals of Southern Democrats.

Radical Republicans aimed to secure full rights and protections for formerly enslaved people, while Southern Democrats sought to maintain White supremacy and resist federal intervention in the South. Signup and view all the answers

What were the major differences between "old" and "new" immigrants during the Gilded Age, and how were the "new" immigrants treated?

"Old" immigrants came from Northern and Western Europe, while "new" immigrants came from Southern and Eastern Europe. "New" immigrants faced discrimination, poor living conditions in tenements, and nativism. Signup and view all the answers

Explain the main argument presented in William Jennings Bryan's "Cross of Gold" speech and its intended audience.

Bryan argued against the gold standard and in favor of bimetallism (gold and silver), claiming the gold standard harmed farmers and working people. His intended audience was the working class, particularly farmers. Signup and view all the answers

How did muckrakers contribute to the Progressive Era, and give two specific examples of their work.

Muckrakers exposed social problems and corruption through investigative journalism, raising public awareness and pushing for reform. Examples: Jacob Riis's How the Other Half Lives (poverty) and Upton Sinclair's The Jungle (meatpacking industry). Signup and view all the answers

Briefly compare and contrast the defining characteristics of the Gilded Age with those of the Progressive Era that followed.

The Gilded Age was characterized by industrial growth, immense wealth, and political corruption, while the Progressive Era sought to address these issues through social reform and government regulation. Signup and view all the answers

How did immigration patterns shift during the Gilded Age, and what challenges did these new immigrant groups face?

Immigration shifted from primarily Northern and Western Europe to Southern and Eastern Europe. These "new" immigrants faced discrimination, nativism, low wages, and poor living conditions in crowded tenements. Signup and view all the answers

What actions did Theodore Roosevelt take during his presidency that demonstrated a commitment to both conservation and the interests of workers?

Roosevelt established national parks and forests to conserve natural resources. He also intervened in labor disputes, such as the Coal Strike of 1902, siding with workers and pushing for arbitration. Signup and view all the answers

Explain how the differing economic philosophies of the Republican and Democratic parties during the Gilded Age reflected the interests of different social classes.

Republicans favored policies like lower taxes for the wealthy and the gold standard, benefiting big business. Democrats, especially Populist-aligned, supported policies like higher taxes on the wealthy and bimetallism, aiming to aid workers, farmers, and immigrants. Signup and view all the answers

Describe the key tenets of "laissez-faire" economics as advocated by Adam Smith and explain how this philosophy influenced economic policy during the Gilded Age.

Laissez-faire economics promotes minimal government intervention in the economy, allowing free markets to regulate themselves. This influenced the Gilded Age by limiting regulation of businesses, contributing to both rapid industrial growth and social inequality. Signup and view all the answers

In what ways did the goals and strategies of the Populist movement anticipate some of the reforms later enacted during the Progressive Era?

The Populists advocated for reforms like government regulation of key industries, a graduated income tax, and direct democracy, which were later adopted by Progressives to address social and economic inequality. Signup and view all the answers

Explain why the rights of freedmen were not fully protected, despite the passage of the 14th and 15th Amendments during Reconstruction.

Southern states implemented discriminatory measures like Black Codes, poll taxes, and literacy tests, undermining the voting rights and civil liberties granted to freedmen by the Amendments. Also, the federal government's commitment to protecting these rights waned over time. Signup and view all the answers

What role did political machines play in the lives of immigrants during the Gilded Age, and what were the drawbacks of this system?

Political machines provided jobs, housing, and other assistance to immigrants in exchange for their votes. However, this system was often corrupt, involving bribery and patronage, and did little to address systemic issues of poverty and inequality. Signup and view all the answers

Flashcards

Populism

A political movement supporting farmers/workers against big businesses, advocating for policies like government control of railroads and a graduated income tax.

Debtors

Farmers/workers who are in debt, favored inflation to make debts easier to repay, supported bimetallism and the Populist Party.

Creditors

Banks/lenders who wanted stable prices or deflation, supported the gold standard, and generally aligned with the Republican Party.

Republicans (Financial)

Believed in cutting taxes for the rich (trickle-down economics), supporting big business and industry, and advocated for the gold standard.