HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Government should interfere as little as possible in the economy.
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Revolution is the only solution to a country’s economic problems.
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Elimination of most agriculture is necessary in order to industrialize.
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Mercantilism is the best policy to promote economic growth.
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Detailed explanation-1: -Which event had the greatest influence on the development of laissez-faire capitalism? What did Karl Marx and Friedrich Engels believe would be the result when communism finally emerged as the dominant political and economic system? That the evils of the industrial society would disappear.
Detailed explanation-2: -Smith was the first to realise that economics should not only be concerned with the production of wealth but the distribution of it too. In large part because of his ideas, England overturned the Corn Laws and went on to become the dominant economic power in Europe during the Industrial Revolution.
Detailed explanation-3: -The driving principle behind laissez-faire, a French term that translates to “leave alone” (literally, “let you do"), is that the less the government is involved in the economy, the better off business will be, and by extension, society as a whole.
Detailed explanation-4: -As the American Revolution began, a Scottish philosopher started his own economic revolution. In 1776, Adam Smith published The Wealth of Nations, probably the most influential book on market economics ever written.