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Populists - Coggle Diagram
Populists
Problems
Due to the lack in regulations, the railroads were monopolised. This meant that whoever owned the railroad could charge whatever they wanted... to the farmers detriment.
There was no governmental/financial incentive for people to buy american agricultural goods, because there were no tarriffs on agricultural good (despite there being one for industrial goods).
Small farmers started to overproduce their crops to try and make up for the money they weren't making anymore. This was problematic, because it only made their crop cheaper. #overproduction
Not enough gold in circulation to support the economy (Gold Standard).. they wanted to introduce silver as a standard.
Since there was no regulation, the banks wanting to make a profit so they'd charge predatory interest rates. Ranging from 4% to 235% interest
Solutions
To try and overcome the monopolies, they created co-ops. The co-op was owned by the members and the goal was to provide services at cost (meaning the goal wasn't to make a profit).
The main issue they believed would bring the most benefit was the addition of silver to the gold standard.
To Organize: The Grange, Northern & Southern Alliances, and the Colored Farmers Alliance... eventually becoming the Populist Party
What Happened?
In 1900 the party "ends".. the Silver Standard agenda failed (1898 Alaska gold rush made the argument moot). They were absorbed into the Democratic Party as a result.
Had major effects on current politics. No politician wants to be perceived as someone who isn't supporting the average worker. After being absorbed into the Democratic party, they acheived many of their goals.
The Populist Party emerges and does surprisingly well. Record voting and support for the new party is established.
Who?
Primarily small farmers, most of the country's population at the time.
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