WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Economic system in which the government does not intervene in business practices
|
|
|
A business practice in which a single manufacturer controls all of the steps used to change raw materials into finished products
|
|
|
A business practice in which a company takes over all of its competitors
|
|
|
Theory that claims the best people in society are the ones who rise to the top
|
Detailed explanation-1: -What is laissez-faire? Laissez-faire is a policy of minimum governmental interference in the economic affairs of individuals and society. The doctrine of laissez-faire is usually associated with the economists known as Physiocrats, who flourished in France from about 1756 to 1778.
Detailed explanation-2: -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-3: -In laissez-faire policy, the government’s role is to protect the rights of the individual, rather than regulating business in any way. The term ‘laissez-faire’ translates to ‘leave alone’ when it comes to economic intervention. This means no taxes, regulations, or tariffs.
Detailed explanation-4: -Pillars of capitalism In free markets, also called laissez-faire economies, markets operate with little or no regulation.
Detailed explanation-5: -Tax cuts: When governments cut taxes to stimulate the market, this is based on laissez-faire theory as well. The idea is that removing regulations or taxes helps put more money into the market by encouraging spending.