Of the following, which person would likely NOT have voted for the Progressive Party in 1912?

1 answer:

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Option B, Those who believed in a laissez-faire strategy to the economics would likely not have voted for the Progressive Party in 1912.

<u>Explanation: </u>

The U.S. Progressive Party was founded by former President Theodore Roosevelt in 1912 after he had lost his former protector and Progressive rival President William Howard Taft's presidential nomination to the Republican Party.

Economist Adam Smith introduced laissez-faire économique to the globe in the 18th century, saying that markets and industries work best if the state does less or no. Throughout the years, there has been a laissez-faire policy for different outcomes.

Progressivism was an aspect of a response against the laissez-faire economy and its focus on an unregulated industry. Progressives widely believed that the industrial revolution and urbanization had formed many problems in society. Reformers began to doubt the market economy capacity to address those problems.

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Why were monopolies bad for the economy and how did the rich take advantage?

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Answer:

Monopolies are bad for the economy because lack of competition allows a few to set prices, stagnate competition.

Explanation:

How did the rich take advantage:

The rich had ready capital to either buy out smaller competitors or drive them out with undercut prices until the competitor failed, then prices to consumer went back up even higher.

It happened in the early industrial revolution: Rockefeller/Standard Oil,

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Still going on today, especially in the tech arena.

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Answer:

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