The turn of the century brings many challenges and opportunities. It was no different from the 19th to the 20th Century, and from the 20th into the 21st Century. In the 19th Century we emerged with our independence from England and established trade. In the beginning of the 20th Century, which is the time period of this book, the U.S. was an industrial giant. It’s production of coal forged a newfound richness for the country.
In moving into the 21st Century, the U.S. is battling for technological superiority against such countries as China, Japan, and Russia. In so doing, we are creating monopolies, intentional or unintentional, such as Apple, Amazon, and Facebook to name a few. The government must take a stance and determine if such monopolies must be busted, such as President Roosevelt did in the early 20th century.
Assuming the Presidency after the assassination of President McKinley, J.P. Morgan and other business tycoons believed Roosevelt was going to be a friend of big business. However, after realizing the plight of the American worker, low wages, unfair child labor practices, and the monopolistic power of big business, Roosevelt stepped in to regulate their unsavory business practices and monopolizing the means of production. In so doing, Roosevelt risked not ever being elected to the Presidency after McKinley’s assassination.
In this well written and well researched book, Berfield reveals how government reaction and policy to the market place, such as ‘trust busting’ can have extreme consequences for the nation; rich and poor. As we look at today’s markets, the issues have not changed. Several companies are under review in reference to their monopolistic power. I am thankful that Berfield wrote such a book so we can see where history may lead us. I encourage everyone to pick up a copy and read. Great job Ms. Berfield.
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