The Speculation Economy

NINE THE END OF REFORM

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The beginning of the end of the Progressive Era in business took place on June 25, 1914. That was the day the Claflin dry goods empire declared the largest bankruptcy in American history and the day that President Wilson chose to pronounce himself as unambiguously for business. The preceding fifteen months had been among the most active business and financial reform periods in American history. By the end of his first year in office Wilson had played a major role in pushing through Congress two controversial bills, a ...