HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
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A political and economic system in which the major productive resources in a society-such as mines, factories, and farms-are owned by the public or the state, and wealth is divided among citizens equally or according to individual need.
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The policy which is based on the idea that governments and the law should not interfere with business, finance, or the conditions of people’s working lives.
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None of the above
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Detailed explanation-1: -Laissez-faire is a French phrase that translates to “allow to do.” It refers to a political ideology that rejects the practice of government intervention in an economy. Further, the state is seen as an obstacle to economic growth and development. The term originated in the 18th century during the Industrial Revolution.
Detailed explanation-2: -Laissez-faire is the belief that economies and businesses function best when there is no interference by the government. It comes from the French, meaning to leave alone or to allow to do.
Detailed explanation-3: -The term ‘Laissez-Faire’ comes from the French language and literally means “allow them to do”. In Social Science, this term is used in reference to free markets in which the government will not have any control over the prices of the products.
Detailed explanation-4: -Laissez faire means ‘Leave Alone’ or ‘Let it be’. This policy or norm is in favour of giving maximum freedom to the individual so that he is able to fulfil his desires and look after his interests.