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British Government's Laissez Fair Before The Great Depression

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At the founding of our country we were rebelling against Britain's control since we were unsatisfied with British form of government that appeared to us as being to much like a dictatorship.The way their government worked was that the king of Britain would decide all the laws without even discussing anything with the colonists which made our country fear that the individual in charge would be come to powerful and override the country’s overall decisions and do what was desired for self interest. Our country was afraid that our whole country would be turned into a dictatorship again, so they set up a government that was not hand on meaning that we didn’t intervene the affairs of society. Thomas Paine believed that the government should have limited power so that the government doesn’t turn into a form of dictatorship. This philosophy led to Great Depression, which was a time period when our country was going through an economic decline that started shortly after the Stock Market Crashed in 1929. The consumption of goods declined, and there was poverty at the time as well. During this time the government is following the concept of Laissez …show more content…

The government was following the 10th Amendment which says that the government can only do what is listed in the Constitution. Rockefeller’s monopoly was one example of a time when our country was gradually becoming more hands on in terms of becoming involved in the affairs of businesses. The reason why our government didn’t want to be to involved in the affairs of people and businesses was since our country did not want to run a government similar to the way that Britain did. Businesses took advantage and did what they wanted. Company strikes took place because of unfair treatment towards workers. People were creating monopolies and buying things on margin which both businesses took over and that was a reason why the Great Depression

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Overproduction and a faulty banking system were two of many factors that led to the Great Depression. The Smoot-Hawley Tariff also served to deteriorate conditions. Although several would argue about the causes of the Great Depression, one thing is for sure: this economic crisis was the most important economic depression of the twentieth century, which was accompanied by significant deflation and an explosion of unemployment and pushed the authorities to a deep reform of the financial

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The businesses starting to rely on stocks, overproduction, and purchasing of their own stocks led to businesses collapsing and the Great Depression

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Buying on credit, overproduction, and income inequality were just some of the leading factors to the great depression. It began when installment buying was introduced people didn’t view debts as shameful and bought things at a faster rate than they could pay. People were also investing a lot in the stock market one day it crashed. October 29, 1929 (now known as black tuesday) was the day the stock market crashed. It caused great panic in America since many peoples entire life savings were lost in one day.

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The great depression in the US, which began in 1929, and ended in 1938 was caused by many different things all happening at the same time in the economy. The wall street crash in October 1929 was one of the main causes, when the stock markets crashed. This was caused by many things, but the main reason for it was a deflation (which is an event where the general level of prices in an economy are reduced) On October 24th (black Thursday), share prices dropped by 14 billion dollars in a day, and more than 30 billion in a week. This forced many of the banks to close, due to them investing their client’s savings in the stock market.

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Paine began to describe the American colonies have formed and established a central form of government “with a President, representation more equal, and their business wholly domestic and subject to the authority of a Continental Congress” (96). The America colonists already established themselves politically and needed the support of all colonists. Loyalists believed that if the English government was overthrown the colonies would not flourish and could not function without the help of Europe; the colonists would not allow one terrible government to be replaced by another (66). After being taxed, trade being regulated, and the colonists having to follow British laws, they stepped up and took the challenge to create a new government that relied on the people and was equal representation for all. Paine states, “a government which cannot preserve the peace, is no government at all” (94).

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Monopolies were intended to increase profits, and “dictate” the “two great classes:” the producer and the consumer (Doc 3). Many companies like Andrew Carnegie’s steel company and Rockefeller’s standard oil company benefitted from trusts. Rockefeller successfully created a monopoly by buying rival companies, and controlling transportation rates which allowed for the transport of goods at a cheaper rate, allowing Rockefeller to lower the price of oil; this affected small companies since it was impossible for them to compete with the price (Doc 5). While many companies invested in the railroad company and created contracts to receive exclusive benefits such as lower rates, the railroads didn’t benefit the public at all, because they were built by investors that only cared about receiving a “fair percentage” of the profit, and remarked that “the public be damned” (Doc 1). Many laborers working under these company suffered due to the reduction of “the price of every labor connected with trade”

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