USA HISTORY

Detailed explanation-1: -Spencer applied the idea of “survival of the fittest” to so-called laissez faire or unrestrained capitalism during the Industrial Revolution, in which businesses are allowed to operate with little regulation from the government.

Detailed explanation-2: -It means that the company and/or brand best fitted or best adapted to its environment (its markets, its customers) is most likely to survive and most likely to flourish. It means that companies or brands not well fitted to their markets and customers will fade away.

Detailed explanation-3: -Social Darwinism provided wealthy and powerful people with a justification for their existence. Business owners utilized Social Darwinian beliefs to justify monopolies.

Detailed explanation-4: -Social Darwinism is the application of Darwin’s theory of natural selection to society-specifically in economics and business in America. Social Darwinism was embraced by the nation’s wealthy upper class in the late 19th century to justify their accumulation of wealth and power.

Detailed explanation-5: -According to the Social Darwinists, capitalism and society itself needed unlimited business competition to thrive. By the late 1800s, however, monopolies, not competing companies, increasingly controlled the production and prices of goods in many American industries.