WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
the National Government should not intefere in the activities of big business
|
|
|
national wealth could best be assured by the accumulation of gold
|
|
|
the idea of rugged individualism is vital to the nation’s economic growth
|
|
|
government should protect consumers through the regulation of business
|
Detailed explanation-1: -Laissez-faire was a political as well as an economic doctrine. The pervading theory of the 19th century was that individuals, pursuing their own desired ends, would thereby achieve the best results for the society of which they were part.
Detailed explanation-2: -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-3: -Austrian economist Ludwig von Mises argued that laissez-faire economics leads to the most productive outcome. 11 A government could not make the myriad economic decisions required in a complex society. It should not intervene in the economy, except for the military draft.
Detailed explanation-4: -We know Adam Smith today as the father of laissez faire ("to leave alone") economics. This is the idea that government should leave the economy alone and not interfere with the “natural course” of free markets and free trade.