The Economy in Perspective

Economic Trends, July 2002 | Go to article overview

The Economy in Perspective


Taking care of business ... In 1925, President Calvin Coolidge told the Society of American Newspaper Editors that the business of America is business. Coolidge, who was president from 1923 to 1928, succeeded to the office after the death of Warren G. Harding, whose administration had been rocked by the Teapot Dome and other scandals involving improper contracts with private businessmen. Coolidge had a sterling reputation for honesty and earned sufficient public trust to be elected to a full term in 1924. Cautious about extending the federal government's authority into matters of banking and commerce, he maintained a laissez-faire philosophy and a pro-business agenda during a period of national prosperity. Later, historians would fault him for not taking stronger action to temper the stock market boom of the Roaring Twenties; whether he had sufficient moral or legal authority to have prevented the 1929 stock market collapse remains a debatable point today.

Americans have had an on-again, off-again attitude about government's relationship to business, One anchoring principle has been respect for private property and individual initiative; but another has been a sense of fair play and a resentment of concentrated power. At various times in our nation's history, the clockworks have been judged out of synch, and governmental power has been expanded or contracted to recalibrate the national balance wheel.

When Calvin Coolidge spoke to the newspaper editors in 1925, he was ruminating on the question of the press' ability to serve the public interest at a time when some newspapers were owned by large and powerful corporations (deja vu!), His exact words were, "After all, the chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing and prospering in the world. I am strongly of the opinion that the great majority of people will always find these are moving impulses of our life." Speaking several decades after Theodore Roosevelt took action against big business combinations, Coolidge continued to believe that Americans were, by nature, predisposed to favor private enterprise as an engine of growth and a way of organizing economic life.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

The Economy in Perspective
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.