WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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allowed for the rise of monopolies
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functions best in with capitalist free-market system
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allows for the government to regulate big businesses
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None of the above
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Detailed explanation-1: -Guiding principles of laissez-faire capitalism The individual is society’s basic unit. Everyone carries a natural right to personal freedom. Nature is capable of self-regulation.
Detailed explanation-2: -The basic purpose of the laissez-faire economy is to promote a free and competitive market that demands the restoration of the order and natural state of liberty that humans emerged from.
Detailed explanation-3: -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-4: -Capitalist economy(where capital goods are owned by private individuals) follows a ‘Laissez-faire’ economy. The production of goods and services are determined by the free play of demand and supply forces in the market.It is also known as market economy.