The era of Presidents Roosevelt, Taft and Wilson has been labelled ""progressive"" by virtually all historians. Mr. Kolko maintains that is a misnomer and that it was, in fact, an era of conservatism. He details decisions made by the national political leaders during the period 1900-1916 and shows that, in virtually every case, they chose solutions as advocated by the business giants--such as the Morgans, the Rockefellers and the Harrimans. Such regulation of industry as was instituted in concern for general welfare was, in the author's words, ""invariably controlled by the leaders of the regulated industry"". What he is saying is that the American economy did not have to become one of business giants and monopolies, nor was regulatory federal legislation just a reaction to what has been assumed to be an inevitable tendency; it actually incubated the growth and concentration of economic power. His argument may cause some stir among historians, economists and big businessmen.