Definition of laissez faire economics. (An economic doctrine that opposes government regulation of or interference in commerce.)
Why do you think this was the dominant political and legal view in the 1800s and early 1900s?
Laissez Faire was the dominant political and legal view in the 1800s and early 1900s due to several things that were going on around that same time. People didn't want government intervention in commerce, and they wanted as little interaction from the government as possible. The people wanted to act in commerce as they felt was best for themselves without a government telling them what was acceptable and what was not acceptable. This was demonstrated in the very early 1900s, when the ...
This solution provides a detailed discussion examining lassiez-faire economics and why this was the dominant political and legal view in the 1800s and early 1900s. References are provided.
This solution is based on 25+ years of professional experience in the business and economics industries.