According to James Chace's new book -- "1912: Wilson, Roosevelt, Taft and Debs -- The Election That Changed the Country" -- if Teddy hadn't split the Republicans in 1912 and had actually won the election, then the whole history of American party politics in the 20th century would have been different. The Republican party would have been the party of internationalism and social reform. The Republicans, instead of the Democrats, have led the United States to the leadership of the free world in the WWII-and-after era and the Civil Rights, industrial, and economic reforms. Blacks might have stayed with the Republicans, socialists and progressives might have joined the coalition, and the racist southern white vote would not have started shifting away from the Democrats. In 2004, the Republican party might have been the party of business, labour, environmentalists, civil rights activists, pro-choice, gay rights, internationalists, etc. The Democrats might have been the party of racists, isolationists, and religious extremists. It would have been an interesting alignment.
Business and labour could not be in the same party, as their interests are diametrically opposed. The same could be said of business and environmentalists.