"In the “Progressive Era” we see how government can turn economic turbulence into a license for the large-scale and permanent expansion of power in order to cartelize markets. The first years of the twentieth century saw fabulous economic growth, but also great volatility. There was nothing mysterious about this: America was still a newly developing country, and economic progress never occurs in a straight upward-sloping line. Knowledge, preferences, and conditions change. As some sectors soar, others sink, dashing the expectations of some business investors and employees. And since development is the result of human action that takes place over time, adjustments to dislocations can never be instantaneous."