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The Evolution Of Modern Liberalism

1903 - 1933

Taft and the Sherman Anti-Trust Act

Changes In Liberalism In America From 1900-1935

The Roaring Twenties: Economic Prosperity and Changing Social Values

The 1930s and The Great Depression

William Howard Taft, the successor of Roosevelt, served as the US president from 1909 to 1913. In 1911, president Taft and the US supreme court used The Sherman Anti-Trust act to force the standard oil company to break up into 34 smaller, independent companies. This was forced to happen so that the oil company could not undermine classical liberal principles such as competition. The Sherman Anti-Trust Act was a piece of legislation that was applied and introduced to the Uited States in 1980 by John Sherman. This act prevents collution and monopolies between competing companies in an industry. It was not intended to prevent a single company from dominating a market, but to prevent anti-competitive behaviour among companies.

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The roaring twenties was signified by economic prosperity and a transformation of social values. The Economic prosperity during this time was fuelded by factors such as the end of WW1. This was because after WW1 ended people wanted to enjoy their time of peace and prosperity so the consumer demand for goods was high at the time.

From 1900 to 1935, liberalism in America changed greatly and had a transformation that as time went on, it got better. In the 20th century liberalism had a belief system that limited government intervention also known as Laissez-Faire government in the economy was the best way to run the economy and really took emphasis that there should be individual liberty and free market capitalism. Despite these beliefs, it all went wrong quickly because of monopolies, labor exploits, and the most tragic event, The Great Depression. As a response to these events the progressive era came about and this era advocated that the government should have regulations to address social and economic injustices. This period of time in America was a big step and saw the government implement antitrust laws, labor reforms, and protection measures. The greatest moment for liberalism came when F.D.R. ran away from laissez-faire liberalism and instead created the New Deal. This New Deal was a relief to many and became a safety net for people, eliminating the effects of the Great Depression. This period in time allowed liberalism to turn more into an interventionist liberalism, creating the government to take action and be more involved to promote economic stability and social equity.

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In 1929, the start to a desaster began. The stock exchange stopped rising and people began selling their stocks to take what they profitted before the prices dropped even more. The profit taking only made things worse creating the prices to drop even further causing people to panic sell creating the stock market to crash. After the crash occured the economy was broken and many people and investors had lots of debt added up. Many people went bankrupt and people that had money in banks worried about their savings so a numerous amount of people withdrew their money creating several bankruns. This downfall of the economy made the government get involved more and the United States introduced new tariffs in 1930. This only resulted the international trade to slow down further hurting the economy around the world. By 1933 the unemplymant rate was dangerously low at 25%. This depression hit the whole globe and affected people with already low incomes the most. This anger created by the capitalist economic system made people support more collectivist economical ideologies. Strikes and protests became more common in Canada and in the early years Richard Bedford Bennett set up relief camps for unemplyed single men. Without knowing, in the future these camps would create him problems and it is theorized that the riot created because of these camps led to the conservatives defeat in 1935. This great depression created a shift away from classical liberalism and toward a more mixed economy.

Roosevelt's Progressivism

The Red Scare and Political Conservatism

Roosevelt's New Deal

Theodore Roosevelt's Progressive Era

Alphonse Desjardins and Credit Unions

Economic and Social Changes

Warren G. Harding and Calvin Coolidge

Theodore Roosevelt earned his presidency on September 14,1901 and from that day he embarked and created what's known as the progressive era. During his presidency he introduced several reforms that allowed the middle-class Americans a "square deal". The square deal was the name given to TR's domestic legislative program. Part of the deal invovled preventing large companies from abusing their power and control over the marketplace.

In the late 19th century and the early 20th century, the first credit union was born. Credit unions started off as small financial institutions owned by their members. Esentially profits were used to offer these members better lending rates or lower fees. These credit unions were made to be an alternative to commercial banking which allowed services to smaller communities or provide loans to people with little to no credit history. Credit unions were so prominent and we can thank Alphonse Desjardins for founding the first ever one in Quebec named "Caisse d'epargne Desjardins." Even today the Desjardins group is thriving being the largest association of credit unions in North America, most popular amongst farmers.

Roosevelt's New Deal represented a shift in American liberalism by introducing new economic and social reforms to address The Great Depression. Economically it created a departure from the laissez-faire approach and allowed government intervention through the creation of public works programs like the Works Progress Administration and the Tennessee Valley Authority. This new government approach allowed these programs to provide jobs, stimulate economic activity, and modernize the infrastructure. In a social point of view the New Deal was very important for people and it implemented policies like the social security act, which created a retirement system allowing people to obtain pensions and unemplyment insurance. This allowed people to feel safe and comfortable when they are failing as an individual economically. Also created was the Fair Labor Standards Act which allowed people to have minimun wage and maximum hour requirements that improved the working conditions, experience, and labor rights.

Warren G. Harding became president of the United States in 1921 and it was a historic election because of the margin in which he won. He promised a platform that would make everything back to normal and the 3 central ideas to his platform were, isolationism, nativism, and a reduction of government involvment in the lives of citizens. With a new act created called the Revenue Act of 1921, Harding recued income taxes, and repealed the excess profits tax. Harding and his administration also passed the Emergency Quota Act in 1921 which reduced immigration by 75%. Not long after this Harding tried to protect American business and agriculture from foreign competition by creating the Fordney-McCumber Tariff in 1922. Shortly after Harding died while still in office in 1923 so in 1924 his vice-president won the election and became president. His administration had a laissez-faire stance and was trongly reflected with their classical liberalistic economic policies. Coolidge allowed the personal icome taxes to be reduced with his Revenue ACts in 1924 and again in 1928. His government kept the nativism and isolationism and im 1924 the mmigration act was created which reduced immigration. This act banned immigration from Asia entirely.

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