Republican Policies 5.0 / 5 based on 1 rating ? HistoryThe USA - twentieth century changeGCSEOCR Created by: Fassie SheikhCreated on: 24-10-13 19:04 Laissez-Faire Translation means 'Let it Be' Reduce the Interference of Federal Government in Business Was the attitude of successive Republican Government towards the Economy 'Business of America is Business' 'If it ain't broke don't fix it' 1 of 4 Tariffs - Economic Isolation 1922 Fordney McCumber Tariff All non-American goods had a huge tariff paid on them (or entry tax) Produced a huge domestic budgetary surplus Most Americans coul only therefore purchase American Good 2 of 4 Tax Cuts Kept taxes as low as possible Benefitted ordinary people and the very wealthy more so Republicans believed that if people had their own money, they would spend it on American goods The very rich would re-invest into business 3 of 4 Trusts Republicans encouraged the growth of 'Super-corporations' (known as 'Trusts') Carnegie owned 98% of Steel Rockerfeller owned most of US Oil Trusts were considered as 'Captains' of Industry- did not need Govt. intervention Trusts drove prices up of goods, so they could increase profit and re-invest wealth 4 of 4
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