- 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'
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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
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- 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
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- 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
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