Final answer:
The Populist Party, known as the People's Party, was a third party that arose in 1892 to represent the interests of farmers and the working class against the economic power of big business. Their platform advocated for a range of reforms including the regulation of railroads, a graduated income tax, and the popular election of U.S. Senators. The party aligned with Democrats by the end of the 19th century and eventually faded, but its ideas influenced later reforms in the Progressive Era.
Step-by-step explanation:
What Was The Populist Party and Why Was It Created?
The Populist Party, also known as the People's Party, was a third party in the United States that emerged in the late 19th century. The party was particularly associated with advocating for the interests of farmers and the working class, who felt marginalized by the economic dominance of big business and the decline of rural communities. The late 1880s and early 1890s saw American farmers struggling with economic hardships, which culminated in a national depression that amplified the need for political reform and the desire for a party that would represent their interests. As a result, the Populist Party formed in 1892, with a platform that included the regulation of railroads, a graduated income tax, the popular election of U.S. Senators, eight-hour workdays, single term limits for the President, loan programs for farmers, and the unlimited coinage of silver.
Despite initial successes, such as electing state legislators and congressmen, the Populist Party faced challenges in building a broad coalition and gaining sustained national support. They attempted fusion strategies with the two major parties and at times aligned with the Democrats, but by the 20th century, the party's influence waned, and its core ideas were absorbed into the platforms of the established parties during the Progressive Era.