HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which type of economy displays the following characteristic?"Laissez-faire”
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Traditional
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Market
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Command
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Socialism
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Explanation:
Detailed explanation-1: -The policy of laissez-faire received strong support in classical economics as it developed in Great Britain under the influence of An Inquiry into the Nature and Causes of the Wealth of Nations, by the Scottish philosopher and economist Adam Smith.
Detailed explanation-2: -A laissez-faire economy is based on the characteristic of lack of regulations. This economy works on the principle of working without government laws and intervention in decision-making. It makes organizations independent so that they can work freely according to practical conditions.
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