Is government intervention needed for our economy to run well? Why or why not?© BrainMass Inc. brainmass.com September 23, 2018, 8:23 am ad1c9bdddf - https://brainmass.com/economics/economic-growth/is-government-economic-intervention-a-necessity-407872
Is government intervention needed for our economy to run well? Why or why not?
For many decades the government intervened in the economy for so many instances. Some of those happened from 1890s onwards:
1890 - Congress enacted the Sherman Antitrust Act, a law designed to restore competition and free enterprise by breaking up monopolies.
1906 - passed laws to ensure that food and drugs were correctly labeled and that meat was inspected before being sold.
1913 - the government established a new federal banking system, the Federal Reserve, to regulate the nation's money supply and to place some controls on banking activities.
1930 - the "New Deal" of President Franklin D. Roosevelt's response to the Great Depression. Roosevelt and the Congress enacted a host of new laws that gave government the ...
This solution looks at government intervention as an economic policy. It discusses when and how governments are expected to intervene in the economy. A timeline of government intervention were traced from the early 1930s to the present.