Question

Will fan and medal.

Describe the limited role of the federal government economy in the late 1800's.

Answer 1

As America began the process of industrialization in the 1800's an economic philosophy known as Laisse-Faire became the guiding principle of both government and industry. The core idea in Laisse-Faire is one of non-involvement by government in the workings of a nations economy. This is typified by a lack of regulation or interference in the capitalist marketplace, allowing businesses and industries to complete for consumers dollars based on the efficiency of their production and the quality of their products.
The roots of Laisse-Faire lay in the writings of English economist Adam Smith in his work The Wealth of Nations. In Smith hypothesized that no government regulation was necessary because the competition among businesses will insure that the best and most necessary products at ideal prices will be produced. This "self-regulating market" would, according to Smith, be guided by an "invisible hand".
During the late 1800's, as the US economy expanded at a furious rate the lack of government regulation over the economy led to many abuses by businesses, as a result by the Progressive Ear of the early 1900's the government was forced by public outcry to begin to enact consumer and worker protections via regulation.

Answer 2

woah, thanks.

Answer 3

your welcome