USA HISTORY

Detailed explanation-1: -Laissez-faire attitude (hands off) towards government involvement in the economy. Republican presidents of the 1920s allowed businesses to do what they wanted with little government interference. Led to collapse of Stock Market which then led nto the Great Depression.

Detailed explanation-2: -Laissez-faire is a French phrase that translates to “allow to do.” It refers to a political ideology that rejects the practice of government intervention in an economy. Further, the state is seen as an obstacle to economic growth and development. The term originated in the 18th century during the Industrial Revolution.

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: -Answer and Explanation: Laissez-faire economics promoted industrialization by not allowing the government to interfere or to interfere as little as possible with the economic practice of the country. It managed to keep taxes low while encouraging private investment.