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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promote collective bargaining and planning
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abolish private ownership of the means of production
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refuse to recognize the corporate form of business structure
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allow business to function without restrictions
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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: -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.
Detailed explanation-4: -The doctrine of laissez-faire is usually associated with the economists known as Physiocrats, who flourished in France from about 1756 to 1778. The policy of laissez-faire received strong support in classical economics as it developed in Great Britain under the influence of the philosopher and economist Adam Smith.