How did Presidents Warren G. Harding and Calvin Coolidge support big business? By pursuing policies that favored business interests and by appointing pro-business officials to key government positions.
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How did Harding and Coolidge support big business?
Harding and Coolidge both supported big business through a combination of tax cuts, deregulation, and close ties to industry leaders. This made the 1920s a decade of unprecedented prosperity for American businesses, but it also laid the groundwork for the stock market crash of 1929 and the Great Depression that followed.
The benefits of supporting big business.
The benefits of supporting big business were numerous. Big businesses were the backbone of the economy, and by supporting them, the government ensured that the economy would be strong. Big businesses also created jobs, which was important in a time when many Americans were out of work. Finally, by supporting big business, the government was able to keep prices low, which helped consumers.
The drawbacks of supporting big business.
Although Harding and Coolidge generally supported big business, there were some drawbacks to this position. First, many Americans felt that the government was too cozy with business interests and that this relationship was not in the best interests of the country. Second, supporting big business sometimes meant opposing important reform measures that would have helped the average American. Finally, the economic boom of the 1920s was not sustainable, and when it ended, many Americans were left in dire circumstances.
The impact of supporting big business on the economy.
Herbert Hoover, who was elected in 1928, had also been a supporter of big business. During his time in office, the stock market crashed, which led to the Great Depression. Many people blamed Hoover for the Crash, and he was not reelected in 1932. Franklin Roosevelt, who was elected that year, was a Democrat who favored more regulation of business.
The impact of supporting big business on society.
While in office, President Harding and President Coolidge supported big business through a series of legislative acts and executive orders. While their actions aided the growth of big business, they also had a negative impact on society. The following is a list of some of the actions taken by these presidents to support big business:
-Harding created the Bureau of Industrial Relations which was designed to help businesses resolve labor disputes.
-Coolidge signed into law the Trade Agreements Act which lowered tariffs on imported goods.
-Harding ordered the federal government to sell surplus land to businesses at below market rates.
-Coolidge signed into law the Railway Labor Act which resolved disputes between railroad unions and management.
The impact of these actions was felt by society in both positive and negative ways. On the positive side, the economy grew and more jobs were created as businesses expanded. On the negative side, workers’ rights were often disregarded and environmental regulations were often ignored, leading to pollution and other environmental problems.
The impact of supporting big business on politics.
Both Presidents Harding and Coolidge are most commonly known for their support of big business during their terms. While this did have a positive impact on the economy at the time, it also had a number of negative effects on politics. One of the most notable effects was the increased power that big businesses had in Washington. This resulted in a number of reforms being enacted that favored businesses, such as the reduction of taxes and regulations. However, it also led to increased corruption and cronyism, as well as a general deterioration of faith in the government.
The impact of supporting big business on the environment.
While it is difficult to make blanket statements about an entire administration, it is safe to say that Harding and Coolidge tended to support big business interests. This had a number of impacts on the environment, both positive and negative.
On the positive side, the booming economy of the 1920s led to increased investment in infrastructure and industry. This led to cleaner factories and more efficient transportation systems, which reduced pollution overall. On the negative side, however, this increased reliance on industry also led to more widespread environmental damage. For example, the mining and drilling industries expanded rapidly during this period, leading to increased deforestation and habitat loss.
In addition, Harding and Coolidge tended to downplay the importance of environmental regulation. This hands-off approach led to a number of major disasters, such as the 1924 Teapot Dome oil spill in Wyoming. Overall, then, while Harding and Coolidge’s support for big business did have some benefits for the environment, it also led to increased pollution and environmental degradation.
The impact of supporting big business on workers.
The election of Warren Harding in 1920 was a victory for big business. His policies supported the interests of corporations and the wealthy, while workers saw their wages stagnate and their hours increase. Under President Coolidge, the trend continued. Big business boomed, but workers fell further behind. Inequality reached record levels, and the rich got richer while the poor got poorer.
The impact of this trend was felt most keenly by workers in the manufacturing and mining industries. These industries were controlled by a small number of large corporations, and workers had little power to negotiate for better wages and working conditions. As a result, they saw their standards of living decline even as corporate profits soared.
The policies of Harding and Coolidge had a profound impact on American society. They contributed to a growing gap between rich and poor, and laid the groundwork for the Great Depression.
The impact of supporting big business on consumers.
The Harding and Coolidge administrations are often characterized as pro-business. While it is true that both presidents supported policies that benefited big business, they also took steps to protect consumers.
Under President Harding, the Bureau of Corporations was created to investigate and report on monopolies and major mergers. This helped to prevent price gouging and other anti-competitive practices. President Coolidge signed into law the Federal Trade Commission Act, which established the Federal Trade Commission (FTC). The FTC is charged with protecting consumers from unfair or deceptive business practices.
Both Harding and Coolidge also supported efforts to improve product safety. The Pure Food and Drug Act, which requires companies to label their products accurately, was passed during the Harding administration. The Federal Hazardous Substances Act, which requires companies to list ingredients and provide warnings on potentially dangerous products, was signed into law by President Coolidge.
While neither president did everything perfectly, they both took steps to support big business while also protecting consumers.
The impact of supporting big business on the future.
In the early 1920s, presidents Warren Harding and Calvin Coolidge supported big business in the United States. This had a significant impact on the future of the country, both in terms of the economy and in terms of social and political relations.
Harding and Coolidge believed that big business was essential for the country’s economic growth. They thought that businesses should be free to operate without government regulation. They also believed that high taxes hurt businesses and discouraged investment.
The Presidents’ policies helped businesses to grow and become more profitable. However, they also led to greater inequality between rich and poor Americans. The wealthy became even richer, while ordinary workers struggled to make ends meet. This helped to create a climate of tension and conflict in the country.