Free Market Quotes
March 4, 1933 was the date that Franklin Delano Roosevelt had assumed the Presidency from Herbert Hoover and used government to combat the Great Depression whereas Hoover would not take any of these steps as the conservative wing of his party and he regarded anything that government did was “creeping socialism”. Historically, it is useful to recall what steps Roosevelt took that were described as socialism. These include Social Security, Federal Deposit Insurance for bank accounts, aid to farmers, the Civilian Conservation Corps, Regulation of the stock market, regulation of banks and many other things that are key elements of modern capitalism which virtually every capitalistic nations has in one form or another. Long after Truman was out of office, the most conservative elements of the Republican Party have accused every Democratic President of “creeping socialism” when they were actually quite opposed to socialism. Even when their career before their presidency was full of criticisms of socialism and policies that are opposite, as in the case of President Obama, the President has been accused of being a socialist. However, it started with Franklin Delano Roosevelt and Harry S Truman.
Sometimes this is misquoted as 'The business of America is business.' See Woodrow Wilson for an earlier statement of this idea which is almost always incorrectly attributed to Coolidge as the originator of the idea.
Many people had come to the conclusion that capitalism as it then existed was not sufficient to correct some of the serious inequities in society. They saw that socialism tended more to focus on those. However, they also saw in socialism per se, as it was than advocated, many other problems. Steffens seems to be the first person to describe that type of person, in this case, himself.
His antigovernment views were so extreme that he even opposed having the government control poisonous and other dangerous consumer products and instead leave it to the free market where the consumer would have to make safety decisions often without information or worse with deceptively false information.
