Laissez Faire Economics Case Study

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The government shouldn 't regulate economies because that could interfere with the industrialists ' desire to expand their industries and maximize their profits. Laissez-faire capitalism enables the most superior individuals to apply their skills and rise to the top, for the betterment of mankind. The underlying economic theory of the Social Darwinists is that the freedom that laissez-faire gives business and industry enables it to maximize profits and expand the economy. During the great age of Laissez- Faire, production in the United States increased 1200 percent. In 1870, Britain was the world 's leading manufacturer, with 32% of the world 's industrial production. In a period of rapid expansion, the United States expanded faster than …show more content…
Trusts and monopolies are total economic power in the hands of a few. Such control injures individuals and the public because it leads to anticompetitive practices in an effort to obtain or maintain total control. These results in turn cause markets to stop economic growth. Unrestrained capitalism is making the rich richer and the poor poorer. Just 10 percent of the population controls 75 percent of the nation’s wealth. The rich are exceedingly rich while many industrial workers earn less than $500 per year. The threat of working class poverty and misery is an important justification for government intervention into economic affairs. Some legislation is needed to control the opposing views of business power. First, Businesses should be required to pay workers a reasonable wage and provide safe working conditions. The safety of the people is very important and business should give their workers this necessary safety. Second, child labor should be prohibited because it is child abuse and it is morally wrong. Furthermore, Railroads should be regulated by prohibiting them from accepting rebates. In addition, it is imperative that industries sell safe and quality products to consumers. Many drug companies, food producers, and meat packers are selling dangerous products to the public. Some drug …show more content…
into a global superpower in just 50 years. Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, Henry Ford – their names are synonymous with innovation, big business and the American Dream. These leaders sparked incredible advances in technology while struggling to consolidate their industries and rise to the top of the business world. These men were captains of industry, without whom this country could not have taken its place as a great industrial power. The industrial economy would not have succeeded without entrepreneurs willing to take competition to its extremes. Besides making America the world’s leading economic giant, industrial leaders like Andrew Carnegie gave away a lot of money. This money was used to support education, build public libraries, finance scientific work, and other good works. They made a lot of money to produce the most beneficial result for the

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