HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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heavy taxation of manufacturers
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strict government control of the economy
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minimal government involvement in the economy
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government investments in major industries
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Detailed explanation-1: -The laissez-faire theory mainly advocates government non-intervention. Economic theorist Adam Smith believed that the optimal functioning of markets needed minimal government intervention.
Detailed explanation-2: -Laissez-faire capitalism is an economic theory of a free market economy. Laissez-faire theory rejects government intervention and calls for hands-off economic policies. Laissez-faire advocates for market forces to drive fair economic systems.
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.