INDUSTRIAL REVOLUTION
PRE INDUSTRIAL EUROPE
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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 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: -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 phrase is traditionally attributed to French businessman M. Le Gendre from when he responded to a Mercantilist minister, Jean-Baptiste Colbert. The laissez-faire theory mainly advocates government non-intervention.
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.