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Feb 20 Notes

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HIST 2057
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22014Progressive Presidents 19001916The democratic national state wrote New Republic editor Herbert Croly offered an alternative to control of Americans lives by narrow interests that manipulated politics or by the allpowerful corporations Croly proposed a new synthesis of American political traditions To achieve Jeffersonian ends of democratic selfdetermination and individual freedom he insisted the country needed to employ the Hamiltonian means of government intervention in the economy Each in his own way the Progressive presidents Theodore Roosevelt William Howard Taft and Woodrow Wilson tried to address this challenge IRooseveltBusinessRepublican 42 years when he became president youngest man ever to hold the office of president Reelected when he was 47 years old Hero in the SpanishAmerican War Led him to promote the strenuous life of manly adventure Energetic executive leader Believed that the federal government had to identify bad corporations and break them up The first trust busterThe Square deal Roosevelts program that attempted to confront the problems caused by economic consolidation by distinguishing between good and bad corporations The good which he included US Steel and Standard Oil served the public interest The bad were run by greedy financiers interested in only profit and had no right to exist Control corporations Protect consumers Conservation of national resources Northern Securities Company 1902Soon after assuming office Roosevelt shocked the corporate world by announcing his intention to prosecute under the Sherman Antitrust Act the Northern Securities Company Created by financier JP Morgan this holding company owned the stock and directed the affairs of three major western railroads It monopolized transportation between the Great Lakes and the Pacific Morgan was outraged Jointly purchased a small railroad track Able to merge Prices go up In 1904 the Supreme Court ordered Northern Securities dissolved a major victory for the antitrust movement JP Morgan powerful bankerbusinessman His financial firm directly or indirectly controlled 40 percent of all financial and industrial capital in the US
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