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Updated: May 20, 2025
This new imperialist expansion was not interpreted by its proponents as being exploitative. Instead, they depicted it as bringing the blessing of civilization to the "underprivileged." The concept of the "white man's burden" was particularly common in Britain and America.
As the theory of laissez faire gradually broke down, moreover, giving way to the belief that the government ought to be the servant of the mass of the people, it was inevitable that the people should themselves turn more to legislation as a remedy for their grievances. To Washington, therefore, hurried the proponents of every reform.
In both the UK and the USA, the government is much more heavily and pervasively involved in the minutia of accountancy, stock dealing, and banking than it was only two years ago. But the ethos and myth of "order out of chaos" with its proponents in the exact sciences as well ran deeper than that. The very culture of commerce was thoroughly permeated and transformed.
In this wider sense, the spiritualistic theory is perfectly admissible; but what is not at all admissible is the narrow and pitiful interpretation which its proponents too often give it. They see the dead crowding around us like wretched puppets indissolubly attached to the insignificant scene of their death by the thousand little threads of insipid memories and infantile hobbies.
Contrary to the expectations of the proponents of the act, the price of silver fell gradually until the value of the bullion in a dollar was sixty cents in 1893 and forty-nine cents in 1894.
In matters of legislation that seek to regulate the morals and habits of the people, the average American feels the only safe course to follow is the method set forth in the Constitution for the regulation of these vital matters. The proponents of this measure agree that it is not a conservation measure, but that it is an out-and-out attempt to declare the country "dry."
Trading against recommendations issued by a technical analysis model and with them yielded the same results. Fama-Blum discovered that the advantage proffered by such models is identical to transaction costs. The proponents of technical analysis claim that rather than forming investor psychology it reflects their risk aversion at different price levels.
Therefore the real defeat of the State amendment must be accredited to the following nine Senators: Bagwell, Brown, Cunningham, Hood, Johnston of Bossier, Lawrason, Wear, Williamson and Wood.... Very different was the spirit among the proponents of the Federal Amendment in the House.
Hardly less hostile to the President were many of the business men of the country, who objected to his economic policies, but the only alternative to Roosevelt was Bryan, who, as one of the earliest proponents of radical legislation, was even more offensive.
Even the most devout proponents of free marketry and hidden hand theories acknowledge the existence of market failures, market imperfections and inefficiencies in the allocation of economic resources. Some of these are the results of structural problems, others of an accumulation of historical liabilities.
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