‘A century ago, the prevailing view among industrialists was…
‘A century ago, the prevailing view among industrialists was that business had only one responsibility: to make a profit. 2By and large those were not good times to be a low-level worker or an incautious consumer. 3People worked sixty- hour weeks under harsh conditions for a dollar or two a day. 4The few people who tried to fight the system faced violence and unemployment. ‘Consumers were not much better off. 6If you bought a product, you paid the price and took the consequences. 7There were no consumer groups or government agencies to come to your defense if the product was defective or caused harm. 8If you tried to sue the company, chances were you would lose. These conditions caught the attention of a few crusading journalists and novelists known as muckrakers. 10They used the power of the pen to create public anger and agitate for reform. “Largely through their efforts, a number of laws were passed to limit the power of monopolies and to establish safety standards for food and drugs. ,2Despite these reforms, business continued to pursue profits above all else until the Great Depression. “When the economic system collapsed in 1929 and 25 percent of the work force was unemployed, people lost their faith in unbridled capitalism. l4Pressure mounted for government to fix the system. 15At the urging of President Franklin Roosevelt, Congress voted in laws to protect workers, consumers, and investors. 16The Social Security system was set up, employees were given the right to join unions and bargain collectively, the minimum wage was established, and the length of the workweek was limited. ”Legislation was also enacted to prevent unfair competition and false advertising
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