MAKING OF A NEW NATION 1776 1800
THOMAS JEFFERSON
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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“Let people do as they choose.”
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Idea that government plays as small a role in economic affairs.
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Importing goods with a protective tariff.
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Taxing only people that purchase land.
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Detailed explanation-1: -Laissez-faire is a policy of minimum governmental interference in the economic affairs of individuals and society. The doctrine of laissez-faire is usually associated with the economists known as Physiocrats, who flourished in France from about 1756 to 1778. The term laissez-faire means, in French, “allow to do.”
Detailed explanation-2: -Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention. The theory of laissez-faire was developed by the French Physiocrats during the 18th century. Laissez-faire advocates that economic success is inhibited when governments are involved in business and markets.
Detailed explanation-3: -The term ‘Laissez-Faire’ comes from the French language and literally means “allow them to do”. In Social Science, this term is used in reference to free markets in which the government will not have any control over the prices of the products. Thus, the market prices will be allowed to climb and recede naturally.
Detailed explanation-4: -Laissez-faire is the belief that economies and businesses function best when there is no interference by the government.
Detailed explanation-5: -Laissez-faire capitalism is a hypothetical economic system in which government’s role would be restricted to protecting private property and enforcing contracts.