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Laissez-faire free market capitalism Assignment
Laissez-faire free market capitalism Question and Answer
- Laissez-faire free market capitalism refers to non-government intervention for the benefit of businesses and the growth of a region’s economy. Perfect competition is the ultimate goal of economists to establish a market that has many sellers, easy entry and exit of corporations, sellers as price-takers, and identical products from one seller to another. The elements of laissez faire decline were the financial depression experienced by various nations in the 1890s when labor movements, farmers, and small businesses started requesting their governments to intervene and the excessiveness of capitalism, including child labor and the oppression of the working class (Link and McCormick 42). Eliminating the involvement of the government, in this case, did not lead to perfect competition because of the emergence of monopolies in the railroads, the decline of the economy, and the inability to regulate big businesses that ruined any chances for perfect competition because they have more funds and power than small businesses.
- The labor problem was the attempt to improve the conditions of wage-earning people and employment, which had deteriorated due to capitalism. It was significant to the working class because they were adversely affected by the overtime, low wages, and child labor. They responded by holding strikes and marches in their cities. Big business actively fought the labor unions in court cases surrounding the labor problem, while small businesses were forced to address the needs of the employees (Link and McCormick 96). Big business had more money and power compared to small business, allowing it to influence the court and political decisions.
- Hicks viewed progressivism as a successful culmination of the long just fight by the public against big business. Progressives portrayed sympathy towards the small businessmen, laborers, and farmers in their struggle against the corrupt leaders and greedy corporations. Hofstadter associated progressives with populism, arguing that they strived to appeal to ordinary persons to make them believe that their needs were disregarded by the elite (Link and McCormick 31). Wiebe perceived progressives as an integral force in the revolution that altered the structure of government and politics in the 20th century by modernizing and reforming them......................GET A PLAGIARISM FREE COPY