THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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protect property rights and maintain peace.
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protect new domestic businesses from foreign competition.
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keep prices from rising too much.
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bring the country out of an economic crisis.
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Detailed explanation-1: -From the French for “let them do [what they will], ” proponents of laissez-faire policies, known as liberals, believed that the free market would naturally produce the best and most efficient solutions to economic and social problems.
Detailed explanation-2: -Supporters of laissez-faire economics believe the government should not interfere in the economy other than to protect private property rights and maintain peace. The United States lacked the natural resources industrialization in the 1800s depended upon, including water, timber, coal, iron, and copper.
Detailed explanation-3: -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.
Detailed explanation-4: -Laissez-faire economics is a theory that says the government should not intervene in the economy except to protect individuals’ inalienable rights. In other words, let the market do its own thing. If left alone, the laws of supply and demand will efficiently direct the production of goods and services.