WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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YES
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NO
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Either A or B
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None of the above
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Detailed explanation-1: -Any economy is capitalist as long as private individuals control the factors of production. However, a capitalist system can still be regulated by government laws, and the profits of capitalist endeavors can still be taxed heavily.
Detailed explanation-2: -Capitalist development requires that government play two roles, one administrative, in providing and maintaining the institutions that underpin capitalism, and the other entrepreneurial, in mobilizing power to modernize these institutions as needed.
Detailed explanation-3: -Capitalism requires a degree of regulation to help protect the public from its excesses and ill effects and to protect capitalism from itself-cancer left to itself destroys not only its host, but itself in the process.
Detailed explanation-4: -Why do governments often regulate business in a capitalist society? encouraging producers to act in their own self-interest. According to Adam Smith, how does self-interest benefit society?