People's Banking: The Promise Betrayed?
The period roughly encompassing the last twenty-five years of the nineteenth century and the first two decades of the twentieth century has been described as one in which America embarked on a “search for order.” It has also been characterized as a period that witnessed the genesis of the modern American administrative state. The time was one of profound change, marking the transition from a principally agrarian to an industrial society and economy. Positions on the most contentious issues of the era tended to fall along sectional lines that reflected regional disagreement on the scope, as well as the propriety, of that transition. Even after appeals to the “bloody shirt” had waned, the fundamentally sectional nature of the national debate over these issues, and the state's capacity to deal with them, remained.