1. Warm Up #3 0 Common Vocabulary Unit 3 page. 0 What do the following words mean? Write definitions down in your own words. 0 You may use your phone or a dictionary to look up words you don’t know. 0 Conservationism 0 Chronological Order 0 Additional 0 Racial Equality 0 Exposing

2. Progressive Era 1890-1920 Day 3: +/- of Laissez-Faire, Economic Reforms, Fostering Efficiency

3. Economic Reforms & Changes Laissez-Faire Remember Laissez-Faire? 0 Laissez-faire means freedom of economic conduct from dictation by the government. 0 Cost (weakness) – a lack of government regulations lead some enterprises to resort to corrupt, unethical practices that harm the public good 0 Benefit (strengths) – allows the market to govern itself based on the natural laws of supply and demand, encourages innovation and invention

4. Economic Reforms & Changes Because of the lack of government regulations on businesses during the Gilded Age, the relationship between the federal government and businesses changed. 0 How?

5. Economic Reforms & Changes Reactions and Reforms 0 Anti-trust Acts – the Federal laws forbidding businesses from monopolizing a market or restraining free trade.(e.g., Sherman Anti-Trust Act) 0 Interstate Commerce Commission – was government’s first large-scale attempt to regulate business in the interest of society at large

6. Economic Reforms & Changes Reactions and Reforms 0 Pure Food and Drug Act – for preventing the manufacture, sale, or transportation of adulterated, misbranded, poisonous or deleterious foods, drugs, medicines, and liquors, as well as for regulating traffic,; passed in response to Upton Sinclair’s work The Jungle.

7. Economic Reforms & Changes Reactions and Reforms 0 The Federal Reserve Act 1913 created the central banking system in the United States and granted legal authority to issue legal tender. The Federal Reserve now acts to regulate U.S. monetary policy.

8. Discussion Question The Sherman Anti-Trust Act, the Interstate Commerce Commission, Pure Food and Drug Act and the Federal Reserve Act, are examples of the government getting ( more or less ) involved in the economy? Why? Before these laws, the government during the Gilded Age rarely ever got involved with regulating the economy.

9. Economic Reforms & Changes Fostering Efficiency 0 Fostering Efficiency From the Gilded Age continued… 0 Improve the ways to produce products and save on time and money. Examples: 0 The assembly line used by Henry Ford reduced the number of hours required to build a Model T from approximately 12 hours to 2 hours.

10. Discussion Question What are the positive effects and negative effects in working in an assembly line?

11. Economic Reforms & Changes Fostering Efficiency Examples: 0 Electric power and the light bulb led to longer working days. 0 Subway systems created new jobs and gave people greater employment opportunities.

12. Discussion Question When a new innovation is created like the car, or the subway system, or the IPhone, what are the effects on the people? JOBS!!!!!

13. Critical Writing Question for Day 3 0 Day 3: How does the following legislation show a change of the relationship between the federal government and businesses? Sherman Anti-Trust ActPure Food and Drug Act Interstate Commerce Act