Which was an important benefit of the laissez faire policies of the federal government in the late nineteenth century?
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What is "laissez-faire" and why is it considered to be best for economic growth? Show Laissez faire, loosely translated from the French, means "to leave alone." It refers to the economic system we more commonly call "the free market," "private enterprise," or "capitalism." I happen to be personally an advocate of laissez faire, so I think I can give you a fair and accurate description of it and why it works, as opposed to a hostile or biased perspective. The economic system of laissez faire has several elements: 1) respect for private property; 2) freedom to start and own a business; 3) free markets in trade (that is, no government price controls or excessive intervention); and a government limited to a "nightwatchman" function, which means essentially making sure through its police and courts that contracts are not broken, disputes are peaceably settled, everyone's rights are upheld, and that society is defended against lawbreakers internally and aggressive enemies from abroad. Laissez faire works best for economic growth because it provides individuals with the greatest incentive to create wealth. Under laissez-faire capitalism, you cannot wrap a robe around you, put a crown on your head, and demand that people give you money. That's what kings and queens do. Instead, under laissez faire, if you want to get rich, you have to be inventive or innovative; you have to produce a product that people want and can afford; you have to be better and quicker than others at serving customers if you want to earn the most. Because you can't make money in laissez faire if, for example, you cheat customers, steal from your workers, or produce a shoddy product, it promotes excellence. Of course, there are plenty of exceptions--bad people doing bad things, for example--but that's what government's limited function is supposed to handle. Otherwise, the vast majoritiy of people as entrepreneurs and workers are generally honest and engage in peaceful commerce under laissez faire--investing, selling, buying, and producing more and better things for more people because that's how they get ahead. All over the world, experience has demonstrated the superiority of capitalism over any of its big-government counterparts. Capitalism (or laissez faire) feeds and clothes and houses more people at higher levels than any other system. Those nations that are burdened with socialist systems in which the government plays a very large role in the economy are also the countries that are the poorest in terms of economic wealth and growth. Basically, people work harder, better, and longer when they are working for themselves or a private business than when they have to work for the government. journal article Political Science Quarterly Vol. 103, No. 2 (Summer, 1988) , pp. 347-356 (10 pages) Published By: The Academy of Political Science https://doi.org/10.2307/2151187 https://www.jstor.org/stable/2151187 Read and download Log in through your school or library Read Online (Free) relies on page scans, which are not currently available to screen readers. To access this article, please contact JSTOR User Support. We'll provide a PDF copy for your screen reader.With a personal account, you can read up to 100 articles each month for free. Get StartedAlready have an account? Log in Monthly Plan
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Journal Information The Political Science Quarterly is the oldest and most widely read political science journal in the country. Published since 1886, PSQ offers crucial and timely analysis of both domestic and foreign policy issues as well as of political institutions and processes. PSQ has no ideological or methodological bias and is edited to make even technical findings clear to political scientists, historians, and other social scientists regardless of subfield. Each issue consists of five or six insightful articles by leading scholars as well as 30 to 40 scholarly and useful book reviews. To browse and search through issues published in the last five years, please visit http://www.psqonline.org. Publisher Information The Academy of Political Science is a nonpartisan, nonprofit organization founded in 1880 with a threefold mission: (1) to contribute to the scholarly examination of political institutions, processes, and public policies, (2) to enrich political discourse and channel the best social science research in an understandable way to political leaders for use in public policy making and the process of governing, and (3) to educate members of the general public so that they become informed voters in the democratic process. The major vehicles for accomplishing these goals are its journal, Political Science Quarterly, Academy conferences, and the publication of proceedings or symposia based on conference presentations. The prestige and authority of the Academy are such that statesmen and scholars of all political persuasions have enrolled as members, participated in its conferences, and contributed to its publications. Former presidents Gerald Ford, Jimmy Carter, Ronald Reagan, and George Bush are honorary members of the Academy. For information about institutional subscriptions, individual membership, back issues, reprints, permissions, or manuscript submissions contact The Academy of Political Science. This information is also available at http://www.psqonline.org/. Rights & Usage This item is part of a JSTOR Collection. What is an important benefit of laissezAdvantages of Laissez-faire
A laissez-faire economy gives businesses more space and autonomy from government rules and regulations that would make business activities harder and more difficult to proceed. Such an environment makes it more viable for companies to take risks and invest in the economy.
Which was an important benefit of the laissezImportant Benefit of Laissez-Faire policies of the federal government in the late 19th century? American entrepreneur were able to invest in their businesses with little government interference .
Which of the following was a benefit of the laissezWhich of the following was a benefit of the laissez-faire policies practiced by state and federal governments during the Gilded Age? Businesses avoided corruption by following their own codes of ethics.
Which of the following represents a benefit of the United States government laissezWhich of the following represents a benefit of the US government's laissez- faire policies toward business during the late 1800s? Strong government regulation spurred the rise of entrepreneurship.
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