HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Laissez-faire
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Law of supply and demand
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Proletariat
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Socialism
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Detailed explanation-1: -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. The term laissez-faire means, in French, “allow to do.”
Detailed explanation-2: -Laissez Faire is a French term meaning “let do” or “let it be.” It refers to a political and economic philosophy that advocates for minimal government intervention in the economy.
Detailed explanation-3: -The phrase laissez faire comes from the French phrase laissez faire et laissez passer, “Let be and let pass.” This phrase became popular in 18th Century France, where economists suggested the government stay out of business and industry.