How did the philosophy “the business of America is business” affect domestic and foreign developments during the 1920s?

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Ashley Kannan eNotes educator| Certified Educator

The original question had to be edited down.  I invite you to resubmit it.  I think that the idea of business representing "America's business" is extremely essential to understanding the nature of domestic politics in the time period.  There was little in way of legislative oversight on the nature of business.  At the same time, there was a deregulated approach to economic growth.  This lack of regulation enabled many people to engage in fraudulent practices that sought to only increase specific individuals' wealth, giving an illusion of mass wealth when it was only kept towards the privileged few.  Government did not seem to concerned with this, as it saw this as an opportunity to increase its own wealth.  The corruption that was evident in the 1920s with events such as the Teapot Dome Scandal or fraud within the Veterans' Bureau only enhances this.  The idea here is that the business of America was to increase material wealth through business by any means possible.  It is here in which domestic developments continued without much in way of ensuring fairness or social welfare for the only concern was the growth of "business."  It is here in which such a philosophy sought to impact domestic developments in the 1920s, concluding with the crash of the market and onset of economic depression.