Nov 25, 2008

Ron Paul and Lewis Lehrman on the Progressive Era

After 1896 and 1900, then, America entered a progressive and predominately Republican era. Compulsory cartelization in the name of "progressivism" began to invade every aspect of American economic life. The railroads had begun the parade with the formation of the ICC in the 1880s, but now field after field was being centralized and cartelized in the name of "efficiency," "stability," "progress," and the general welfare. ... In particular, various big business groups, led by the J.P. Morgan interests, often gathered in the National Civic Federation and other think tanks and pressure organizations, saw that the voluntary cartels and the industrial movements of the late 1890s had failed to achieve monopoly prices in industry. Therefore, they decided to turn to governments, state and federal, to curb the wins of competition and to establish forms of compulsory cartels, in the name, of course, of "curbing big business monopoly" and advancing the general welfare.

~ Ron Paul and Lewis Lehrman, as quoted in G. Edward Griffin, The Creature of Jekyll Island, page 434

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