Laissez-Faire Government

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During this period, people who worked in these new industries had a tough life. These major industries did whatever they needed to do to be in control. The tycoons who ran the businesses were ruthless, competitive, greedy, and selfless. They were after anything that got in their way. A lot of people did not like the way these industries were run, but the tycoons did not care about what others thought. As long as their businesses were still in power and they were getting money, that is all they cared about. The Second Industrial Revolution had some positive effects on the United States, but the negative effects such as harsh working conditions, the laissez-faire government, and competitive working tactics had a bigger impact on the United States. …show more content…
This was called a laissez-faire government. The government wanted the market to be able to adjust itself without the interference of the government (Progressive Era and Economics). The government tried to stay out of the tycoons and the way they ran their industries, but when the Interstate Commerce Act was passed, everything changed. The Interstate Commerce Act was an act that was made to oversee all of the conduct of the railroad industry. When this act was created, the philosophy of upholding a laissez-faire government was challenged. Through all of the terrible acts that the railroad industry made, Congress was given the right to have some regulation over private corporations. This document is also now a model for the future generations to come so they can regulate private businesses well (DocsTeach). Before the government got involved with these major industries, these industries would use competitive tactics against their competitors. Some of the tactics that were considered competitive were cheating stockholders, bribing officeholders, and manipulating the stock market. During the rapid growth of the Gilded Age, there were no restrictions on how a company wanted to run its business. They could raise prices for consumers and control an entire industry if they wanted to. In 1890, the Sherman Antitrust Act was passed. This act restricted any type of trade between the states. This act helped these powerful monopolies become dominant among smaller companies. When smaller companies were introduced, the bigger companies would buy them because of their ability to buy all of the stock shares (The Gilded Age in America). A political cartoon that was made in 1899 shows a wide representation of the major monopolies. Monopoly is drawn as a monster with many legs. The legs all state different industries including steel, subway, electric, and oil. The legs are wrapped around all of the
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