zuai-logo

What was the Interstate Commerce Act of 1887?

The first attempt at federal regulation of business, aiming to regulate railroad rates and prevent discrimination.

All Flashcards

What was the Interstate Commerce Act of 1887?
The first attempt at federal regulation of business, aiming to regulate railroad rates and prevent discrimination.
What was the Sherman Antitrust Act of 1890?
Legislation intended to break up monopolies and promote competition, though initially weak.
What was the Pendleton Act of 1881?
Established the Civil Service Commission, introducing merit-based appointments for federal jobs.
What was the Panic of 1873?
A financial crisis blamed on the gold standard for restricting the money supply.
What was the Bland-Allison Act of 1878?
Required the limited coinage of silver ($2-4 million/month).
What was *Wabash v. Illinois*?
A Supreme Court case that ruled states could not regulate interstate commerce, leading to the Interstate Commerce Act.
What was *United States v. E.C. Knight Co.* (1895)?
A Supreme Court case that weakened the Sherman Antitrust Act by limiting its application to commerce, not manufacturing.
What was the Specie Resumption Act of 1875?
An act that aimed to put the United States back on the gold standard, contributing to the decline of the Greenback Party.
What was the 'Crime of 1873'?
Congress stopped coining silver, leading to demands for the unlimited coinage of silver.
What was *Standard Oil Co. v. US*, 1911?
A Supreme Court case that strengthened the Sherman Antitrust Act.
What is Laissez-faire?
Minimal government intervention in the economy; the market should regulate itself.
What is Social Darwinism?
Competition is natural and beneficial, leading to the 'survival of the fittest' in business.
What are Trusts (Monopolies)?
Large companies with unchecked power, controlling a significant portion of a market.
What is 'Easy' Money?
A monetary policy advocating for an increased money supply for lower interest rates and easier loan repayment.
What is 'Hard' Money?
A monetary policy advocating for currency backed by gold to maintain value.
What is a tariff?
A tax on imported goods designed to protect domestic industries.
What was the Interstate Commerce Commission (ICC)?
A regulatory agency established to oversee railroad rates and practices.
What is political patronage?
Appointing people to government positions based on political connections rather than merit.
What is the Sherman Antitrust Act?
Legislation aimed at breaking up monopolies and promoting competition.
What is the Civil Service Commission?
An agency established to oversee merit-based appointments for federal jobs.
What were the causes and effects of federal land grants to railroad companies?
Causes: Promote economic growth, westward expansion. Effects: Increased land value, corruption, displacement of Native Americans.
What were the causes and effects of the Interstate Commerce Act?
Causes: States' inability to regulate railroads, public demand for fair rates. Effects: Attempt to prevent discrimination, establishment of the ICC (initially weak).
What were the causes and effects of the Sherman Antitrust Act?
Causes: Public fear of monopolies, desire to promote competition. Effects: Attempt to break up monopolies, initially ineffective due to court interpretations.
What were the causes and effects of the Pendleton Act?
Causes: Desire to reduce political patronage, increase government efficiency. Effects: Merit-based appointments, reduced political influence in hiring.
What were the causes and effects of the debate over 'easy' vs. 'hard' money?
Causes: Differing economic interests (farmers vs. bankers), desire for economic stability vs. growth. Effects: Political conflict, formation of the Greenback Party, debates over gold and silver standards.
What were the causes and effects of protective tariffs?
Causes: To fund the Union during the Civil War, protect US industry. Effects: Higher consumer prices, decreased international sales, economic tensions between regions.
What were the causes and effects of the Panic of 1873?
Causes: Blamed on the gold standard restricting the money supply. Effects: Economic turmoil, debates over monetary policy, rise of the Greenback Party.
What were the causes and effects of the demand for silver money?
Causes: 'Crime of 1873,' desire for inflation by farmers and debtors. Effects: Bland-Allison Act, continued debate over monetary policy.
What were the causes and effects of *Wabash v. Illinois*?
Causes: States attempting to regulate railroads. Effects: Ruling that states cannot regulate interstate commerce, leading to the Interstate Commerce Act.
What were the causes and effects of *United States v. E.C. Knight Co.*?
Causes: Attempt to apply the Sherman Antitrust Act. Effects: Limited application of the Act to commerce, not manufacturing, weakening its initial impact.