INDUSTRIAL REVOLUTION
INDUSTRIAL REVOLUTION AND ITS IMPACT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Government stays out of business
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Colonies are only source of wealth
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The wealthy are taxed higher
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Government controls the economy
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Detailed explanation-1: -Laissez-faire is a policy of minimum governmental interference in the economic affairs of individuals and society. The doctrine of laissez-faire is usually associated with the economists known as Physiocrats, who flourished in France from about 1756 to 1778. The term laissez-faire means, in French, “allow to do.”
Detailed explanation-2: -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. Laissez-faire economics is a key part of free-market capitalism.
Detailed explanation-3: -Attempts at laissez-faire policies in the U.S. have not worked; however, the Constitution has provisions that protect the free market.
Detailed explanation-4: -A laissez-faire economy gives businesses more space and autonomy from government rules and regulations that would make business activities harder and more difficult to proceed. Such an environment makes it more viable for companies to take risks and invest in the economy.