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History Matters: Laissez Faire for Depression Woes

Curated by ACT

Read this transcript of the testimony of Yale Professer William Graham Sumner speaking before a committee of the House of Representatives in 1878. His contention was that even with the thread of depression, it was in business' best interest that the government adopt a laissez-faire attitude toward regulation.

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Concepts
big business, factories, laissez-faire
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Additional Tags
crisis of 1873, introduction of machinery, loss of jobs due to mechanization, panic of 1873, unemployment, economic depression, industrial america, emergence of industrial america (1865-1919)
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Classroom Considerations
  • Knovation Readability Score: 3 (1 low difficulty, 5 high difficulty)
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