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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An economy that is completely controlled by the U.S. government
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An economy that is partially controlled by the U.S. government
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An economy that works best when there is very little involvement by the U.S. government
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An economy that is controlled by another country
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Detailed explanation-1: -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-2: -Laissez-faire is the belief that economies and businesses function best when there is no interference by the government.
Detailed explanation-3: -Pillars of capitalism In free markets, also called laissez-faire economies, markets operate with little or no regulation.
Detailed explanation-4: -A laissez-faire economy gives businesses more space and autonomy from government rules and regulations that would make business activities harder and more difficult to proceed. Such an environment makes it more viable for companies to take risks and invest in the economy.
Detailed explanation-5: -In the American Gilded Age (1865-1910), laissez-faire was the dominant economic doctrine of the U.S. government. In layman’s terms, laissez-faire means “allowing you to do as you wish, ” which means the government plays a minimal role in the economy.