GML Progressive Presidents

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Square Deal
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Terms in this set (10)
Square Deal
Program that confronted problems caused by economic consolidation by distinguishing between "good" and "bad" corporations. Roosevelt viewed U.S. Steel as a good corporation serving public interest, and corporations such as the Northern Securities Company as run by greedy financers and should cease to exist.
Northern Securities Company
A "holding company" created by financer J.P. Morgan which owned the stock and directed the affairs of three major western railroads. Prosecuted under Sherman Antitrust Act by Roosevelt Administration as they monopolized transportations between the Great Lakes and the Pacific. Supreme Court ruling in 1904 resulted in it dissolving.
Hepburn Act
Act in 1906 that gave the Interstate Commerce Commission (ICC) to examine railroads' business records to set reasonable rates. On of the first steps in establishing federal intervention in the corporate economy.
Pure Food & Drug Act
Act in 1906 that established a federal agency to police the quality and labeling of food and drugs, and the Meat Inspection Act.
Conservation Movement
A political, social and scientific movement to protect natural resources led by Theodore Roosevelt and preserved the natural world from economic exploitation. Resulted in establishments of national parks.
Rule of Reason
A new standard for judging large corporations that implemented Roosevelts' old distinction between "good" and "bad" corporations; big businesses were not in violators of antitrust unless they engaged in policies that stifled competition.
New Freedom
Woodrow Wilson's vision where the federal government would strengthen antitrust laws , protecting the rights of workers to unionize, and actively encouraging small businesses. This vision was encompassed by the overarching idea that corporations would be as the government that managed it, and that creating the proper conditions for an economic renewal without increasing government regulation of the economy would be the best solution.
New Nationalism
Roosevelts' program of 1912, belief that "only controlling and directing power of the government" could restore the "liberty of the oppressed" . Roosevelt also then called for heavy taxes on personal and corporate fortunes and federal regulation of mining, oil, and railroad, industries.
Federal Reserve System
A system consisting of 12 regional banks which was overseen by a central board appointed by the President and empowered to handle the issuance of currency, aid banks in danger of failing, and influence interest rates as to promote economic growth. Delayed response to Panic of 1907, when major banks failed.
Federal Trade Commission
A federal agency established in 1914 to investigate and prohibit "unfair business activities" such as price-fixing and monopolistic practices. Welcomed by business leaders as it curbed the power of corporate power.