USA HISTORY

Detailed explanation-1: -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.

Detailed explanation-2: -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.

Detailed explanation-3: -Industrialization is the process through which agrarian (farm-based) economies transform into ones based on mass manufacturing. It typically goes along with improvements in technology and infrastructure, urbanization, economic growth, and higher living standards.

Detailed explanation-4: -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.