HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a policy that allowed labor to set working conditions based on votes on issues relevant to their industry
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a policy where labor created a committee to set working conditions without interference from industry owners
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a policy that taught owners of industry how to set working conditions based on government standards
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a policy that let owners of industry set working conditions without government interfernce
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Detailed explanation-1: -Laissez faire refers to the economic policy of letting owners of industry and business set working conditions without interference. This policy favours a free market unregulated by the government. The term comes from a French phrase that means “let do”.
Detailed explanation-2: -3) The ownership of the means of production varies in different socialist theories, as government interference is less in a socialist economy, as a result, to stop the exploitation of consumers laissez-faire policies is used in socialist economy.
Detailed explanation-3: -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-4: -In the American Gilded Age (1865-1910), laissez-faire was the dominant economic doctrine of the U.S. government. In layman’s terms, laissez-faire means “allowing you to do as you wish, ‘’ which means the government plays a minimal role in the economy.
Detailed explanation-5: -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-6: -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.