Economic Policy
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Taft took a different approach to economics than his predecessor, and in some ways marked a return to more traditional Republican policy. He was in some ways more friendly to business than Roosevelt. He signed into law the Payne-Aldrich Tariff into law, simultaneously rejecting Roosevelt's conception that president could dictate policy from a position of power to the other branches of government and earning the ire of the Bull Moose; the tariff was one of Taft's defining acts as president, which he believed would enhance his reputation, but resulted in the alienation of Republican progressives, who sought lower tariffs nationally. Despite this approach, Taft carried out far more actual anti-trust litigation than Roosevelt himself had, despite being less of an ideological progressive.
Due to his sympathies for smaller business leaders, Taft rejected Roosevelt's dichotomous definition of trusts as "good" or "bad"--in Taft's view, a monopoly was a monopoly. His reputation was greatly influenced by the failed reelection campaign in 1913, and Roosevelt's subsequent denunciation; Taft simply lacked the charisma to refute the charges of incompetence and weakness. Furthermore, Taft was committed to a peaceful foreign policy, one that encouraged American investment abroad and the circulation of American capital worldwide, principally in Latin America and Asia. The numbers seem to support Taft's decision, as, adjusted for inflation, the nominal GDP grew at a similar rate but in a more consistent fashion during Taft's presidency as opposed to Roosevelt's, which saw intermittent dips and rises. At the very least, the information we have access to shows that Taft's peaceful policy of "dollar diplomacy," appears to have not harmed the economy he inherited.
Due to his sympathies for smaller business leaders, Taft rejected Roosevelt's dichotomous definition of trusts as "good" or "bad"--in Taft's view, a monopoly was a monopoly. His reputation was greatly influenced by the failed reelection campaign in 1913, and Roosevelt's subsequent denunciation; Taft simply lacked the charisma to refute the charges of incompetence and weakness. Furthermore, Taft was committed to a peaceful foreign policy, one that encouraged American investment abroad and the circulation of American capital worldwide, principally in Latin America and Asia. The numbers seem to support Taft's decision, as, adjusted for inflation, the nominal GDP grew at a similar rate but in a more consistent fashion during Taft's presidency as opposed to Roosevelt's, which saw intermittent dips and rises. At the very least, the information we have access to shows that Taft's peaceful policy of "dollar diplomacy," appears to have not harmed the economy he inherited.