The Progressive Er Aggressive Change In The Progressive Era

Aggressive Change in a Progressive Era Throughout the Progressive Era, fundamental changes were made that altered the game of American capitalism. These reforms were made throughout the period and had a lasting impact that persists to the 21st century. Corporations became a dominating force that spread all over various economic sectors in America. Livingston and Martin J. Sklar, who wrote “The Corporate Reconstruction of Capitalism, 1890-1916”, both agree that the businessmen of the late 19th century and early 20th century actively sought out reform in order to protect their own interests and the interests of the public. During the Gilded Age, capitalists and businessmen were unable to transfer their power in social, cultural, and political

During the Panic of 1907, the stock prices fell nearly 50%, and it was JP Morgan (and other New York bankers), who reinvested money to save the institutions from bankruptcy (Livingston, “Social Analysis of Economic History”). This was because the United States did not have a federal bank, at the time, to out bring money back into the system. While, JP Morgan could have taken a backseat during this crisis, he instead acted at the forefront in the interest of the American public, and, along with other powerful bankers and businessman, helped to create the Federal Reserve Act of 1913. This act was a solution to current political and economic problem that has plagued other European countries, like Germany. New York journalist, Charles A. Conant writes a report that agreed with the bankers in that fact that without a central bank, the market be fall to pieces, in 1906, the year before the market crisis (Livingston, The Rise of Corporate Capitalism, 1890-1920). Livingston states that the crash acted as evidence that reinforces the idea a central bank is necessary to stimulate the market (Livingston, The Rise of Corporate Capitalism, 1890-1920). In addition to this, Sklar agrees with the principle that business man act in the interest of all parties and actively attempted to reform the system for the benefit of all individuals. Sklar not only agrees, but says it is

The entrepreneurs knew that without the favor of workers, society, and legislature, a business would not be able to survive. These individuals who run businesses understood how the business decisions would affect society and politics. With the knowledge of how business is interconnected with ideologies, such as society and politics, businessmen chose to be the forerunners of reform for the betterment of the country. The American businessmen took an active role in the reformation of the economy by heading various amendments to the financial system, the conditions of work, and legislature for the benefit for the future stability of the