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Laissez-Faire Economics

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Cielo Kilback

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Cards in this guide (14)
What was Simon Bolivar's nickname

Simon Bolivar was known as "The Liberator" for freeing six South American countries from Spanish rule.

Government control of land and all other means of production is called

COMMUNISM

What does the French word laissez-faire mean

Literally, that means "let it be".

A+ =" Let the people do as they choose "

It means "allow to do"

It is a government policy in which intervention of government is strongly opposed.

That policy aims to create an environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.

What was the lowest class of Latin American society

slaves

Why is government regulation necessary in a capitalist system according to those who believe in laissez-faire

A + students to correct the few abuses that may occur

to collect taxes

The whole point of laissez-faire economics is that the government does not have any stake in regulating business at all.

Which of these were combined to make the spinning mule
Who did Karl Marx predict would seize control of production

He believed that the proletariat (the masses) would seize control of the means of production. This belief, according to Marx is indisputable and scientific. It is a process, according to Marx, that cannot be altered based on his studies in human history and practical economics. Marx did not take into account true human history. Class struggle is not the only means by which history develops.

Who believed that history was guided by economic events

Karl Marx

What groups favored a laissez-faire policy because it allowed them to do as they pleased

The laissez faire policies favored the business and factory owners at the expense of workers.
business owners

After the Sepoy Mutiny who was control of the Indian government given to

the British Crown

Socialists and capitalists believed that the means of production should operate for the benefit of whom

all people.

What would people who operate using the laissez-faire economic system most likely do

They would likely oppose any interference from the government.

N the 1800s what had Belgium been manufacturing for a long time

(A+)

textiles

Who tried to discover what motivates human behavior.

Sigmund Freud

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