Throughout the "Roaring Twenties", there were three conservative presidents, all believing in the economic principles of isolationism and "Laissez Faire", which means to leave alone. Hoover introduced his own economic policy of "rugged individualism".
This quote is an example of isolationism. Harding is stating that by being alone and cutting foreign ties, the country will know full joy. The joy is symbolic of prosperity and friendships are symbolic of foreign ties. This quote reflects rugged individualism, even though that philosophy came around after Coolidge was out of office. Coolidge states through this quote that individuals must work for themselves, which is the an idea within Rugged Individualism.
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Harding Warren G. Harding was the 29th president of the United States of America. Elected in 1920, Harding came into office during a time that seemed very prosperous. Unlike his recent predecessors, Harding did all that he could to decrease government involvement in the economy, staying true to his campaign promise, "Less government in business and more business in government" (Friedel, Sidley). He urged for less government involvement, backed by his Secretary of Commerce, Herbert Hoover. Unfortunately Harding did not live to see the fruit of his labor, for he passed away in August, 1923 as a result of a heart attack. For details or background knowledge on Warren G. Harding go here. Coolidge Calvin Coolidge was the 30th president of the United States of America. Coolidge was rare in the fact that he served two terms, holding office from 1923 to 1929. Coolidge's conservative nature was first manifested by his first message to Congress in 1923, which stated his desire for isolation in foreign policy, for tax cuts, and for limited aid to farmers. "In truth, the political genius of President Coolidge, Walter Lippmann pointed out in 1926, was his talent for effectively doing nothing" (Freidel, Sidley) Coolidge limited all involvement with the economy, simply turning a blind eye to it and promoting his "lassiez faire" policy. His most effective way of improving the country was by simply not doing much of anything. His achievements, or lack there of, led to false prosperity, which some referred to as "Coolidge Prosperity" (see False Prosperity). Passing in 1933, Coolidge was able to see the brunt of his efforts to decrease government involvement, and they were not to his liking. One of his last retorts about the state of the country before he died was "I feel I no longer fit in with these times" (Friedel, Sidley). By the end, Coolidge had seen that what he had done, was not beneficial to his country. For more details or background knowledge on Calvin Cooledge go here. |
Hoover
Herbert Hoover was the 31st president of the United States of America. Even before he ran for office, Hoover was loved by the people for the heroic actions in his past. These actions spanned from rescuing Chinese children during the Boxer Rebellion in Tientsin, China too helping 120,000 Americans return to American after France declared war on Germany in 1914. After serving as the Secretary of Commerce for president Harding, Hoover ran for president as a Republican candidate in 1928. Throughout his campaign, he stated that America was headed towards prosperity, but it really was not (see False Prosperity). After coming into office and experiencing economic catastrophes such as the stock market crash, Hoover continued to do nothing, abiding by his policy of rugged individualism. Hoover felt that the government should remain uninvolved despite the economic turmoil of the United States, and he stated this in 1930 by saying, "I do not believe that the power and duty of the general government ought to be extended to the relief of individual suffering.... The lesson should be constantly enforced that though the people support the government, the government should not support the people" (Danzer). Hoover's reluctance in helping the individual, thanks to his policy of rugged individualism, only caused the nation's economic state to worsen. When Hoover finally did get involved by providing money to big businesses, which he hoped would "trickle down" to the average citizen, proved to be too little too late. Hoover and his policies were the major contributors to the Stock Market Crash, and when he left office, he left a huge mess for the next president to clean up. After finishing his presidency, Hoover continued a life in politics, until his death on October 20, 1964. For more details or background information on Herbert Hoover go here.
Herbert Hoover was the 31st president of the United States of America. Even before he ran for office, Hoover was loved by the people for the heroic actions in his past. These actions spanned from rescuing Chinese children during the Boxer Rebellion in Tientsin, China too helping 120,000 Americans return to American after France declared war on Germany in 1914. After serving as the Secretary of Commerce for president Harding, Hoover ran for president as a Republican candidate in 1928. Throughout his campaign, he stated that America was headed towards prosperity, but it really was not (see False Prosperity). After coming into office and experiencing economic catastrophes such as the stock market crash, Hoover continued to do nothing, abiding by his policy of rugged individualism. Hoover felt that the government should remain uninvolved despite the economic turmoil of the United States, and he stated this in 1930 by saying, "I do not believe that the power and duty of the general government ought to be extended to the relief of individual suffering.... The lesson should be constantly enforced that though the people support the government, the government should not support the people" (Danzer). Hoover's reluctance in helping the individual, thanks to his policy of rugged individualism, only caused the nation's economic state to worsen. When Hoover finally did get involved by providing money to big businesses, which he hoped would "trickle down" to the average citizen, proved to be too little too late. Hoover and his policies were the major contributors to the Stock Market Crash, and when he left office, he left a huge mess for the next president to clean up. After finishing his presidency, Hoover continued a life in politics, until his death on October 20, 1964. For more details or background information on Herbert Hoover go here.
Economic Policies
- Isolationism: "the policy or doctrine of isolating one's country from the affairs of other nations by declining to enter into alliances, foreign economic commitments, international agreements, etc." (Dictionary.com). This policy was endorsed by all three conservative presidents, but Coolidge emphasized it with his first message to congress (see "Coolidge"). All three presidents, by endorsing this policy, reduced foreign affairs, including trade, which hurt the economy. Without foreign export, businesses and farmers were not able to sell products as fast as they could produce them, causing their revenue to decrease while their production costs remained the same. This unbalance lead the fall and foreclosure of businesses.
- Laissez Faire: Directly translates to "leave alone". All three conservative presidents governed with this philosophy at the forefront of their decision making. All decisions that involved the economy were already decided, for the presidents just left it, meaning the economy, alone.
- Rugged Individualism: "The idea that people should succeed through their own efforts and that they should take care of themselves and their families, rather than depend on the government assistance in tough times" (Danzer). This policy was forged by president Hoover, and was the reason that he did too little too late.
How were the Three Conservative Presidents Different from the Three Progressive Presidents?
The main difference between the two groups of presidents was their attitude towards the relationship between the economy and the government. The three Progressive Presidents (Theodore Roosevelt, William Taft and Woodrow Wilson respectively) thought that the government should be involved in the economy. These three leaders built the relationship by implementing regulations and trust busting. After this steadfast push for increased government involvement in the economy, the three Conservative Presidents came into office and proceeded to decrease government involvement under their policy of "laissez faire". The two groups cancelled each other out, constantly contradicting one another when it came to government involvement in the economy.
The main difference between the two groups of presidents was their attitude towards the relationship between the economy and the government. The three Progressive Presidents (Theodore Roosevelt, William Taft and Woodrow Wilson respectively) thought that the government should be involved in the economy. These three leaders built the relationship by implementing regulations and trust busting. After this steadfast push for increased government involvement in the economy, the three Conservative Presidents came into office and proceeded to decrease government involvement under their policy of "laissez faire". The two groups cancelled each other out, constantly contradicting one another when it came to government involvement in the economy.