Give a definition of ""laissez faire"" economics. Why do you think this was the dominant political and legal view in the 1800s and early 1900s?

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5 March, 19:22

Give a definition of ""laissez faire"" economics. Why do you think this was the dominant political and legal view in the 1800s and early 1900s?

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Tommy Nguyen · Answer 1

Laissez Faire was an economic and political belief that government should not intervene in the working of the economy.

Explanation:

Laissez faire is derived from french. It was a dominant belief in the 19th century. The supporters of laissez faire believed that government should not intervene in the market. They advocated the idea that market forces can work in balance on their own.

It was a dominant believe in 1800s and early 1990s and was supported by physiocrats. Though with the increase in mass production, it became evident that laissez-faire is not a sufficient guiding principle for economy.