Asked in Industrial RevolutionLaissez-Faire Economics
How did industrialists feel about laissez-faire theories?
June 13, 2015 3:11AM
Industrialists, generally speaking, were very much in favor of laissez-faire economics, because such policies meant that they could vastly underpay labor, use inexpensive - lower quality substitute inputs in their products, use improper inputs in their products, pollute at exorbitant rates, defraud consumers, and create possibly harmful products without repercussions. When the governments of the developed world shifted towards some government regulation of industry, industrialists were forced to spend more money to adhere to the regulations.