It unabashedly cried that the tariff must come down even though it was a regulatory measure and even though in time tariff reduction would undermine the first course and bring It to a crisis. As a result of the first course there broke upon the economy a vast array of regulatory measures reaching their hands and fingers into all the principal sectors of the economy. such as wages. hours. and working conditions. farm output and prices. stock issues and stock market practices. banking. unemployment. oldage pensions. etc. Restriction of immigration was continued as a defense against a chronic labor surplus and resultant low wages. Many other overt interferences with the free market system were instituted and carried out. usually with the effect of raising production costs. The free enterprise system was to be a publicly regulated system.
Keywords matched
immigration