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individuals should be allowed to pursue their self-interest in a free market

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13y ago

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Many reformers who opposed the laissez-faire attitude of the late 19th century argued that?

4...


What year did the perfect competition started?

Perfect competition as a theoretical concept was developed in the late 19th century, with significant contributions from economists like Alfred Marshall and others in the early 20th century. While no specific year marks its "start," the foundations of the theory were laid in the 1870s and 1880s, as economists began to formalize the conditions and characteristics of perfectly competitive markets.


What groups argued that slavery was necessary for the economy Apex?

Proponents of slavery in the 19th century, particularly in the Southern United States, argued that it was essential for the economy due to the profitability of cash crops like cotton, tobacco, and sugar. They claimed that enslaved labor was crucial for maintaining agricultural productivity and economic growth in the region. Additionally, some politicians and economists at the time believed that slavery provided a stable labor force that was necessary for the South's economic structure. These arguments were often reinforced by social and racial ideologies that dehumanized enslaved individuals and justified their exploitation.


What was the average wage in the 19th century?

in the late 19th century a farm labourer would be getting about 1 pound per week in the mid 19th century a bit less than that an officer, say Captain, in the British Army in 1830 was paid around 7 pounds a week


What was the most important economic development in the 19th century?

The creation of Factories