It was a hands off policy where big business wanted no government interference in their dealings. This led to the monopolization of many industries. John Rockefeller benefitted from this deal.

That the Gov't cannot interfere at all with commerce. One reason for the recent global economic depression.

allow businesses to raise prices.... hint hint. hands off...

Adam Smith was a Scottish philosopher during the Enlightenment who coined the term "Laissez-Faire" (Meaning "let do" in French) in his book titled "The Wealth of Nations" to describe an economic system in which the markets are completely unregulated and individuals are economically free to do as they please with no government interference.

Indifference

== == * Laissez-faire government is based on the idea that government stays out of economy. During the English industrial revolution, all sorts of factories were beginning to spring up, with absolutely no regulation by the government. These factories led to a new bourgeoisie class, which was not noble by birth, but rich nonetheless by owning factories. The government's unwillingness to interfere with business led to low pay, long hours, and unsafe working conditions for factory workers. It also allowed for child labor and other now outdated practices. The boom-bust cycle is also a major problem that occurs when business is not regulated by government.

* Just for clarification, there was no English industrial revolution. However, Britain had an industrial revolution that spread to Europe and then worldwide.

• The separation of Economics and state

Adam Smith

Yes, laissez-faire is a French word made up of the two verbs 'laisser' (to let, to tolerate, to accept) and faire (to do)

Herbert Hoover

It is Frence and means "let it be" or "leave it alone".

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.

Laissez-faire advocates oppose any government intervention or regulation of economic transactions or behavior

Laissez-Faire, they truly supported it, because who wants the government to take your money?

creation of tariff walls

Laissez fair is just one of those topics that is vital that is going to demand experienced intervention on

Capitalism continues to exploit workers and make the capitalists very rich.

Laissez Faire

Because in the late 1800's and early 1900's the conditions of wage workers in the US were so bad that that they demanded better and businesses would not give it to them, this led to multiple strikes that were forcefully broken, and Unions were not entirely effective because of the boom in immigration a this time. So eventually the US Government had to intervene to protect the rights o the workers.