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The hours men and women worked, the wages they received, the conditions of their labor - these had passed beyond the control of the people, and were imposed by this new industrial dictatorship. The savings of the average family, the capital of the small-businessmen, the investments set aside for old age - other people's money - these were tools which the new economic royalty used to dig itself in. Those who tilled the soil no longer reaped the rewards which were their right. The small measure of their gains was decreed by men in distant cities. Throughout the nation, opportunity was limited by monopoly. Individual initiative was crushed in the cogs of a great machine. The field open for free business was more and more restricted. Private enterprise, indeed, became too private. It became privileged enterprise, not free enterprise.

Franklin Delano Roosevelt#36

EconomyDemocracyPowerWorkReformRights

About this quote

What does it mean?
FDR argues that industrial and economic power had shifted away from ordinary people to a new elite, restricting free enterprise and opportunity.
In plain terms
Ordinary people lost control over their work and money to a powerful new economic elite.
What can you take from it?
Economic power must remain accountable to the public, not just a privileged few.

Where it applies

  • labor debates
  • economic reform
  • antitrust discussions

Putting it to work

  • advocate for worker rights
  • support antitrust laws
  • critique monopolies

Questions to consider

  • How do you define free enterprise today?
  • Who controls the economy in your view?

Another view

It assumes a clear divide between 'the people' and 'economic royalty' that may oversimplify complex markets.

More from Franklin Delano Roosevelt

  1. It was natural and perhaps human that the privileged princes of these new economic dynasties, thirsting for power, reached out for control over government itse…

    Permalink to quote #35
  2. For too many of us the political equality we once had won was meaningless in the face of economic inequality. A small group had concentrated into their own han…

    Permalink to quote #37
  3. The work itself will cover a wide field including clearance of slums, which for adequate reasons cannot be undertaken by private capital; in rural housing of s…

    Permalink to quote #34

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