Answer:
This excerpt is discussing the Populism movement in the United States. It mentions that as the People's party, a populist party, died out, many of its supporters dropped out of politics and voter turnout in presidential elections decreased. Some joined the Socialist party and others returned to the reform wings of their own parties. It also states that some of the demands of farmers, who were a large part of the Populist movement, such as monopoly regulation, banking/currency reform, and the graduated income tax, were later adopted into law. However, it notes that these reforms were adopted selectively and piecemeal and not as a cohesive, egalitarian vision as the Populists had originally envisioned.