Capitalism at a Crossroads: 1875-1900

This article was published in the September 1987 issue of The Freeman.

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The last quarter of the nineteenth century was a turning point for American capitalism. Just when free enterprise seemed to be enjoying its greatest success—with technological advances creating many new industries, opportunities opening for millions of workers, and living standards on the rise—the intellectual roots of capitalism came under relentless attack. When the proponents of capitalism were unable to mount an effective defense, :popular support shifted toward interventionism, and the American era of laissez faire came. to an end.

Who were the critics of capitalism—the collectivists who overthrew laissez faire? Who were capitalism’s defenders at this critical juncture? Let us consider each in turn. Read more.