Progressivism and Economic Reforms in the USA

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Questions and Answers

What significant action did the Immigration Act of 1924 take regarding Asian immigration?

Banned immigration from Asia entirely. (correct)

Increased immigration from Asia.

Removed restrictions on immigration.

Limited immigration to 2% of previous numbers.

Which program did Prime Minister Bennett introduce in response to the worsening economy during the Great Depression?

Universal Basic Income

Employment and Social Insurance Act (correct)

Crown corporation initiatives

Crisis management framework

What was one of the key aims of the government under William Lyon Mackenzie King?

To strictly control immigration.

To create a mixed economy with social programs. (correct)

To dismantle social programs.

To minimize government intervention in the economy.

Which economic approach is characterized by government control of money in the economy?

Keynesian economics Signup and view all the answers

What significant change did the Revenue Acts of 1924 and 1928 bring about?

Further reduction of income tax. Signup and view all the answers

Which leader implemented a farm credit program during his tenure as Premier of Quebec?

Maurice Duplessis Signup and view all the answers

Which government response involved the establishment of unemployment relief camps?

Bennett's economic policies Signup and view all the answers

What was a major influence leading to the rise of monetarism in the 1970s?

Failure to manage stagflation Signup and view all the answers

What was the main goal of Theodore Roosevelt's reforms during his presidency?

To provide middle class Americans a 'square deal' Signup and view all the answers

Which act did William Howard Taft utilize to dismantle Standard Oil?

Sherman Anti-Trust Act Signup and view all the answers

Which piece of legislation exempted labor unions from the Sherman Anti-Trust Act?

Clayton Act Signup and view all the answers

What was the primary focus of the USA during the Roaring Twenties?

Economic prosperity and isolationism Signup and view all the answers

What did the Emergency Quota Act of 1921 aim to achieve?

Preserve the existing ethnic composition of the USA Signup and view all the answers

Which president was associated with a 'return to normalcy' and isolationist policies?

Warren G. Harding Signup and view all the answers

What was a significant effect of the Fordney-McCumber Tariff Act of 1922?

Protected American business from foreign competition Signup and view all the answers

Calvin Coolidge's administration is best characterized by which economic philosophy?

Laissez-faire and classical liberal economic policies Signup and view all the answers

Study Notes

Roosevelt's Progressivism

Theodore Roosevelt (1901-1909), US President, introduced reforms to prevent large companies like Standard Oil (Rockefeller) from controlling the market.
Elkins Act (1903) and Hepburn Act (1906) aimed to stop railroads from favoring certain customers (like Standard Oil).

Taft and the Sherman Anti-Trust Act

William Howard Taft (1909-1913) continued Roosevelt's work by breaking up trusts (large corporations).
The Sherman Anti-Trust Act (1890) was designed to prevent monopolies and collusion between competing companies within an industry.
Taft used the Sherman Act to force Standard Oil to break into 34 smaller companies.
The Clayton Act (1914) exempted labor unions and agricultural organizations from the Sherman Act's restrictions on boycotts, strikes, picketing, and collective bargaining (as long as peaceful).

The Roaring Twenties

The USA prioritized economic prosperity and distanced itself from global political issues (isolationism).
Equality of opportunity was a key concept, believing that anyone could achieve prosperity with hard work.

Political Conservatism: Harding and Coolidge

Warren G. Harding (1921), a conservative Republican, became US President.
He promised "return to normalcy," emphasizing isolationism, reduced immigration, and less government intervention.
The Revenue Act of 1921 reduced income taxes, and the Act was repealed.
The Emergency Quota Act of 1921 limited immigration drastically.
The Fordney-McCumber Tariff Act (1922) protected American businesses and agriculture from foreign competition.
Calvin Coolidge (VP) succeeded Harding and was elected president in 1924, promoting laissez-faire and classical liberal economic policies.
Revenue Acts of 1924 and 1928 further decreased income taxes.
Immigration Act of 1924 curtailed immigration from Asia and from other countries.

Government Responses to the Depression (Canada)

Prime Minister Bennett (Conservative) was elected in 1930, promising work projects to combat unemployment.
Relief camps were established, but government spending was reduced.
The Bank of Canada was founded to regulate the money supply.
Bennett attempted to arrest left-wing groups, showing distrust of communist activities.
By 1935, Bennett introduced programs similar to Roosevelt's, but lost the election to William Lyon Mackenzie King.
King's government implemented social programs, formed Crown corporations, and laid foundations for a mixed economy.

Monetarism: Friedman and Hayek

A shift towards classical liberal laissez-faire economics, called monetarism, emerged in the 1970s.
This shift occurred in response to governments' struggles to address stagflation and inflation.
Monetarist theory focused on controlling the money supply to regulate inflation and unemployment.
Milton Friedman believed increased money supply led to inflation, while Friedrich Hayek argued that excessive government control hindered economic growth.
Canadian policies starting reflecting these views under different leaders.

Explore the Issues

Concept Review: Understand principles of Keynesian economics and monetarism, then apply these concepts to actual historical examples.
Concept Application: Review the economic aspects of liberalism to explore possible local, provincial or federal government policies. Evaluate the implications and potential effect of such policies.
Comparison of countries: Compare economic challenges of a modern communist country against a liberal democracy. Examine government intervention and its application to each country’s economic policy.
Case Study: Discuss the choice of living in different countries (e.g., Sweden and the US) based on personal circumstances and economic policies.

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Description

Explore the transformative era of Progressivism in the United States, focusing on the reforms introduced by Presidents Theodore Roosevelt and William Howard Taft. This quiz covers landmark legislation like the Elkins Act, Hepburn Act, and the Sherman Anti-Trust Act, highlighting their impact on large corporations and economic practices in the early 20th century.