However a lot of it was due to the government

Reader comment on: Amity Shlaes on the Robber Barons

Submitted by Lyle (United States), Oct 17, 2010 18:29

Recall that the US ran a protective tariff particularly on steel, it helped the railroads out in particular the UP/CP. That is a lot of help for them. In addition the US was running a deflationary environment as the supply of gold did not keep up with the demand for money. Of course railroad investors (stock not so much bonds) took baths in 1873 and 1893. The government came out even on the UP/CP deal and got its money back.

However there was a lot of exploitation at this time leading to a lot of social unrest and the unleashing of the progressive movement to fix a lot of the exploitation of workers. (Child labor is an example here)

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Title By Date
It made me want to read the book [145 words]benOct 17, 2010 21:44
⇒ However a lot of it was due to the government [119 words]LyleOct 17, 2010 18:29

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