econ - Grace Casola May 13, 2010 Laissez-faire...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Grace Casola May 13, 2010 Laissez-faire Laissez-Faire means allowing industry to be free from state intervention, especially in the form of tariffs and government monopolies. In French Laissez-faire literally means "let do", but implies "let it be", or "leave it alone." Laissez-faire advocates individual self-interest and competition, and oppose the taxation and regulation of commerce. The phrase was said to be coined back in 1680 by M. Le Gendre when he was asked what the French state could be of service to the merchants, he simply responded with, "laissez-nous fiare". The history of laissez-faire in the US started back in the 1860s. The time before the New Deal was known for the extent of federal government intervention. For example, prior to the Civil War the First Bank of the United Stated and the Second Bank of the United States were created by the government as a way to intervene with the public. Although there were many who opposed the idea of laissez-faire. One of which was Alexander Hamilton, who proposed the creation of a government sponsered bank and increased tariffs to favor northern industrial interests. In the mid-19th century, public
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/17/2010 for the course ECON 2 taught by Professor Higgins during the Spring '10 term at Cuesta College.

Page1 / 3

econ - Grace Casola May 13, 2010 Laissez-faire...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online