MAKING OF A NEW NATION 1776 1800
THOMAS JEFFERSON
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Laissez Faire
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Mercantilism
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Marxism
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Socilaism
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Detailed explanation-1: -Jefferson believed in an economic idea known as laissez faire (les ay FAYR), a French term meaning “let do, ” meaning letting people do as they please. The idea of laissez faire was promoted by the Scottish economist Adam Smith.
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: -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.
Detailed explanation-4: -In laissez-faire policy, the government’s role is to protect the rights of the individual, rather than regulating business in any way. The term ‘laissez-faire’ translates to ‘leave alone’ when it comes to economic intervention. This means no taxes, regulations, or tariffs.