Question

The Supreme Court justices' endorsement of laissez-faire capitalism in the late nineteenth and early twentieth centuries was significant because

Answer 1

The Supreme Court justices' endorsement of laissez-faire capitalism in the late nineteenth and early twentieth centuries was significant because it prevented Congress from regulating any economic activity that occurred within a state.

What is laissez-faire capitalism ?

• Laissez-faire is a free-market, capitalist economic theory that rejects government interference.
• The French Physiocrats, who lived in the 18th century, created the laissez-faire ideology.
• According to proponents of laissez-faire, government involvement in industry and markets hinders economic progress.
• The principles of laissez-faire were later expanded upon by free-market economists as a means of achieving economic development, despite criticism that it encouraged inequality.
• Critics contend that some level of government control and participation is necessary for markets.

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