The Evolution of Modern Liberalism

1. The Evolution of Modern Liberalism SS 30-1 Chap 6 Part 1

2. Topics • Robber Barons or Captains of Industry? • Progressivism – Roosevelt and Taft • Credit Unions • “Red Scare” • Decades contrasted – 1920’s/ 1930’s

3. Robber Barons or Captains or Industry? • cold and ruthless • unwilling to share • greedy in his pursuit of money • caring nothing for the troubles of their workers • made the most of an opportunity • took risks • worked hard • achieved success • philanthropic (charitable) acts

5. Teddy Roosevelt and Progressivism • The “square deal” • Reforms put in place to prevent monopolies • Concerns that large powerful corporations were taking advantage of common people

7. William Taft • Roosevelt’s successor and former vice president • Continued Roosevelt’s policies • Anti-trust act – to prevent • monopolies between competing companies in an industry • ie – competing oil companies couldn’t be owned by a parent company

8. Credit Unions • Began as small financial institutes owned by their members • Alternative lending institute to banks • First credit union in North America set up in Quebec • C.U.’s became popular with farmers in the 1930’s – “easier” to work with them instead of with the banks

9. Red Scare • Fear of communism in North America • Fear fuelled by the Russian Revolution • Conservatism and Classical Liberal Economics became popular – businesses would find advantage

10. 1920’s • Era of optimism • Immigrants poured into North America in search of better lives – more of a sense • of equality here that could be achieved through hard work • US Presidents Harding and • Coolidge – favoured free enterprise, reduced taxes, “Isolationism” and later reduced immigration to preserve “America’s current ethnic heritage.”

11. 1920’s cont’d • Consumerism increased – new products, automobiles become popular • American economy grew throughout the 20’s • Gap between rich and poor continued to grow • More of the pop. Became urban dwellers • Women were enfranchised -Canada-1918 -US 1920

12. 1930’s How could this photo be considered as ironic?? • Stock Market Crash in Oct. 1929 lead to the Grt. Depression • Became a decade of despair – by 1933 – 25% unemployment in the US, 54% income rate as compared to 1929 • FDR (Franklin Roosevelt)– elected as US President – instituted the New Deal – based on Keynesian Economics • 3 main objectives – relief, recovery and reform • Collectivist ideas of the government influencing the economy ends laissez faire capitalism

13. 1930’s Canada • Depression felt here as well – many Canadians began to support political parties with collectivist policies • CCF (Co-operative Commonwealth Federation) – founded in Calgary in 1932-mixed economic policies of public ownership of industries and financial institutions • Canada was slower to act on reforms as compared to the US – a Conservative PM was in power (Bennett) • 1935 – Liberals came to power under PM King – gov’t became much more involved in the economy • Created public institutions and social programs • See p. 211 for details

14. 1930’s Overseas • The Grt. Depression impacted the world • Known as the “Grt. Slump” in Britain • France affected by 1931, but not drastically – they were quite self-sufficient • Huge impact in Germany – Americans had been helping with Germany’s war debts – money dried up • The failed economy and corrupt democratic gov’t (Weimar Republic) would send Germany towards extremism (Hitler and Fascism)