You'd think the Great Recession would have been enough to teach the lesson once again - business can not be trusted to regulate itself.Private industry was only private during the aptly named Gilded Age. Which libertarian Ayn Randers yearn to return to with it's cheap child labor and wonderful working conditions with dilapidated buildings ready to burn, locked exits and 18-20 hour days. They didn't call them sweat shops because they were comfortable and well ventilated
Too bad private industry proved they could NOT be trusted to regulate themselves. But they have only proven that they are incapable without coercion hundreds of thousands of times.
But as long as businesses need capital and then pay a return on it to the investors most industry still operates on the capitalist system. Although it's impossible to tell if Trump does or not.
I think republicans have just about achieved their ends.
The Presidency was at an all-time low in power and influence, and the Congress was rife with corruption. State and city leaders shared in the graft, and the public was kept largely unaware.
One President impeached, one President drowning in corruption, one President elected by possible fraud, one President assassinated, and one disgraced by his own party for doing what he thought was right. Clearly this was not a good time in Presidential history.
This was an era of CONGRESSIONAL SUPREMACY. The REPUBLICAN PARTY dominated the Presidency and the Congress for most of these years. Both houses of Congress were full of representatives owned by big business.
Laws regulating campaigns were minimal and big money bought a government that would not interfere. Similar conditions existed in the states. City governments were dominated by political machines. Members of a small network gained power and used the public treasury to stay in power — and grow fabulously rich in the process.
Not until the dawn of the 20th century would serious attempts be made to correct the abuses of Gilded Age government.