Question

In what ways did the laissez faire economic policy change the structure of American business and how did this change affect the government relationship with businesses?

Answer 1

Laissez-Faire economy is guided by the principle of least intervention of government in the private business. It is a pro-capitalist economic policy where the idea of private ownership are respected and people are guided by the principle of self-interest and self-motivation. The minimum intervention of government is considered to best for the growth of the economy of a nation. And these ideas and principles made a deep impact on the United States.