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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Markets that were dominated by monopolies
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The creation of strong regulations that ensured businesses did not harm the general public
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Significant improvements in working conditions gained through collective bargaining by labor unions
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The government placing heavy taxes on the large monopolies and truasts
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Detailed explanation-1: -In the Gilded Age of the late 19th and early 20th centuries, the American government’s laissez-faire approach to economic oversight led to the development of monopolies and the Industrial Revolution.
Detailed explanation-2: -Detractors feel laissez-faire actually leads to poverty and economic imbalances. The idea of letting an economic system run without regulation or correction in effect dismisses or further victimizes those most in need of assistance, they say.
Detailed explanation-3: -Laissez-faire capitalists argued that competition benefited society in a number of ways, including: it lowered the price of goods and service as producers competed for the business of consumers, and it fostered innovation of goods and services as companies compete to outdo each other.
Detailed explanation-4: -Monopoly power. Adam Smith raised the problem of monopolies, which can arise under an economic system of laissez-faire. Monopolies can charge higher prices, restrict supply, and those firms with monopsony power can pay lower wages to workers. Adam Smith was also critical of some aspects of capitalism.