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4 - Ida Tarbell’s America

Markets for Everyone

Published online by Cambridge University Press:  08 May 2024

Sidney A. Shapiro
Affiliation:
Wake Forest University School of Law
Joseph P. Tomain
Affiliation:
University of Cincinnati College of Law
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Summary

After the Civil War, the Industrial Revolution was also in full swing as a new form of capitalism took hold and the American economy leaped forward. The country also experienced sudden urbanization as immigrants from Europe and Americans flocked to the cities from the farms in search of better employment. At the same time, large corporations, with sophisticated Wall Street financing, were able to amass great wealth, often by using anti-completive means to eliminate competitors. Finance capitalism also brought a rash of social ills including slums, dangerous foods and drugs, dangerous workplaces, and increasing poverty as workers were forced to yield to the low wages offered by corporate employers. In response to the concentrated power held by private corporations, Progressive reforms urged countervailing power that was needed in the form of the federal government. Federal legislation was passed to control monopolies, monitor unfair railroad rates, and regulate tainted foods and meats among other forms of new regulation, as the federal government took on a new role of policing markets in addition to supporting economic prosperity.

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Publisher: Cambridge University Press
Print publication year: 2024

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