USA HISTORY

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.

Detailed explanation-2: -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-3: -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-4: -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.

Detailed explanation-5: -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.