Irene Du
The years after the Civil War a liberal thought, laissez faire was emerged. This theory was the principle of individualism to human affairs with revenge. A popular view during the 19th century; it was a support for the faith in individual activities. The British economist John Stuart Mill was responsible for bringing this economic custom in his Principles of Political Economy in 1848. He argued against government activity in economic affairs. Laissez-faire was a political and an economic doctrine.
Laissez Faire was a policy in which is best functioned with no interference in the economic affairs of individuals from the government in the 1800s. The government had little control in business which businesses can achieve free market. It supported individual interest and competition and opposed the taxation from the government. In the 1870s, it reached its peak of industrialization; when America’s development of industry was the most rapid stage. However, the governmental policy of Laissez Faire was in fact encouraged and continued by a direct government intervention. The government did include a big hand in the policy of Laissez Faire during the Industrial Era. This was during the time of building of railroads and when big businesses bloomed which increased the economic growth.
Adam Smith was one of the most referenced economists. He didn't like the idea of government interference. He believed that government would ruin the markets with rules and taxes. He believed that the government should only step in to break monopolies. Monopolies were when a single person or business own and controls every part of an industry, often the downfall of the citizen. He believed that the market would continue to stir up wealth which leads to higher payment and more industrial change which leads to more profit, leading to higher payment and more change and this keeps happening over and over.
Laissez Faire affected economics during the Industrial Revolution because the people believed that it would