Gilded Era Economic Regulations

1643 Words 7 Pages
“Economic regulation is defined as a type of government regulation that sets prices or conditions on entry of firms into an industry. Economic regulation also includes the regulation of financial firms. Economic regulation is not the only type of government regulation, as the discussion of the environmental regulations”. (http://college.cengage.com/economics/taylor/econ/3e/micro/students/add_topics/ch12_econ_reg.html). For the time frame of 1865-1950 there have been several historical events that have shaped the economic world of America drastically, ultimately making it very necessary for the government to step in and take over economic regulations during the great depression. Economic regulation fluctuated in the some radical of ways during …show more content…
This time period was a time in America where the economic growth was continuing to rise nearly doubling in the quantity of job opportunities, and more immigrants than ever started to settle in America. America from a technological aspect was starting to expand, men like Rockefeller and J.P. Morgan who were ruled there businesses and at the time monopolized the smaller competition according to government regulation and based on the economy monopolies are illegal but the these business provided jobs for so many people I suppose government over looked them. Industrial strength was economically largest industrial nation in world. With all this positivity there were some flaws. In depths of coal mines, this reading is very graphic at points. In one hand I see these children working to provide for their families but my god the work conditions were just horrid. Workers slaved by the hour shoveling coal; in return getting lung diseases and dying on a regular basis. This place seemed like hell in the reading it said something about girls who wore their hair in long pony tails, often get their hair caught up in the belts of machines ripping the scouts. Government regulation didn’t take effect until 1897 when the labor Act was passed, stopping child labor in extreme working …show more content…
Socially was the ending of Prohibition, women suffrage, and child labor; and the continued mistreatment of blacks. Along with the whole segregation were the Jim Crow laws and the whole movement of separate but equal. This also set strict restrictions on the vast inflow of immigrants in America. The labor acts of 1897 were very strict and in some cases where helpful and in others wastes of time. Nationally the Government regulated banking systems meat packing, and rail roads. These were very populated work places that need to improve their work as whole or the work area that made it safer for workers. A case I’d like to interject on where I took the view point of being unnecessary was the case of New York versus Lochner occurred in 1905. During this time there were set work regulations depending on jobs and how many hours of work a week a business could be open and the number of hours a an employee can work. Joseph Lochner at this time an owner of his own bakery gave an employee a few extra over the limited hours the 60 hour weekly schedule they were limited to and was fined. Lochner then made a case of this pleading that this gesture was unconstitutional. Eventually this case would make it all the way to the Supreme Court. This case would be taken to court because of the 1897 New York passed a law which prohibited bakers specifically to only be able to work 60 hours a week and 10 hours a

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