Countries rely on both on strong private and public sectors to create a prosperous economy. An unbalanced economy threatened the United States at the beginning of twentieth century. Only after aggressive trust-busting and progressive reforms did the nation become hospitable to rapid development of new businesses and industries. Imperial polices secured grand markets for American industry to exploit and proliferate. Government regulation and global imperialism empowered the American economy to become the largest and most influential in the world.
Solving domestic issues laid the groundwork for an expanding economy. During the late 1800’s political machines and trusts conspired together, forming indomitable alienated fair markets and new businesses. The economy was stagnant. Progressives across the nation’s state governments led initiatives the against conglomerates; they instated a fair tax structure, expanded public infrastructure, capped work hours, acquired government utilities, and passed the Seventeenth Amendment. President Roosevelt capitalized on these gains, trust busting the largest oligopolies, arbitrating strikes, and placing federal regulations on railroads, foods, drugs, and false-advertising. Later, President Wilson forged ahead against hostile business practices; the Clayton Antitrust Act of 1914 was designed to fragment the remaining monopolies, his Federal Trade Commission eliminated unethical businesses practices, and a revolutionary federal income tax funded an expansive American government. The waves of progressivism across the government allowed the nation’s leaders to break up bad trusts and allow a diverse American industry to prosper. Aggressive imperial policies abroad only encouraged this crucial development.
Invasive foreign policy secured markets that would fund the American economy for decades. Hawaii was annexed and made into a state to make agricultural trade viable. Old Spanish colonies across the globe were taken by American troops during the Spanish-American War. These captured markets bolstered the American economy; United States businesses were safe to proliferate behind a high tariff wall and favorable geopolitics in theses territories. The Roosevelt Corollary staved off European intervention in the Americas by declaring that any foreign interference in Latin America would be policed by the United States. These kept foreign competition from venturing too close to America, as business of the United States traded with their neighbors at excessive gains. Industry boomed as the world came to rely on the superpower status of the American economy.
The American government put the United States’ economy in an advantageous position whose gains were compounded by fortuitous international events. Strong economic policies domestically allowed numerous companies to spring up and become profitable in the isolated American markets. Two world wars leveled the competition and made America the bread basket and industrial superpower of the world. With these positions came unimaginable wealth. By the close of World War Two America had escaped the global carnage and emerged largely unopposed for economic dominance. America grew an indomitable economy based on strong regulations domestically and invasive imperial polices to exploit new markets. The nation would only suffer an economic collapse only ensued after corporatist politicians approved legislation stripping back these domestic reforms, accomplishing everything from consolidating oligopolies on Wall Street and banning basic human rights like collective bargaining in Wisconsin. In addition, modern America would become entrenched in endless and fruitless wars, fought on specters like drugs and terrorism, which alienated new markets and narrowed the possibility of new business opportunities. America is currently backtracking, and will continue to backtrack until the reforms of the last century are reinstated.