Question

US History.

analyze the laissez-faire system of the late 19th century. Your essay should have 3 parts. One paragraph should explain laissez-faire, one paragraph should explain the benefits of this system, on paragraph should explain the costs (who was hurt). You conclusion should, ultimately, recommend what – if anything – you would change.

Answer 1

1):-Definition of laissez faireWhen the government doesn't interfere with the economy, it lets the citizens do what they want to do

example of Laissez faire

Adam Smith published the wealth of nations. This states that even though people act in own self-interest, society as a whole benefits. This creates a free enterprise.

Benefits of this system

In today's society, the Laissez-Faire policy is seen through the use of wages. For example, companies can set their own price for the products they sell, but the government has a set minimum wage in Michigan of $8.50 per hour. This means that the companies have a limited control in their decisions for their company. The government is making the right decision by setting a minimum wage for all companies in America. It gives all people a fair amount of money and enough money to live on.

Capitalists would be the most interested in the free market economy because the free market produces more goods more efficiently at a lower price. This makes goods affordable for all.

Disadvantaged of laissez faire

Leaders have a small say in the management of the business

Doesn't work unless the subordinates are highly skilled and experienced

Can lack direction and motivation for junior employees