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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commitment of aid to small American businesses
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decline in the number of factory jobs
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opposition of American businesses to protective tariffs
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growth of trusts and monopolies
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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: -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-3: -How did Laissez Faire affect the Industrial Revolution in a political way? Laissez Faire affected the Industrial Revolution by taking power from the government when they were not allowed to interfere in the businesses.
Detailed explanation-4: -In many ways, the United States practiced laissez-faire economics in the late 1800s. State and federal governments kept taxes and spending low. They did not impose costly regulations on industry or try to control wages and prices.