What were the effects of laissez-faire capitalism?
1 answer:
<u>Effects of laissez-faire capitalism: </u>
Laissez-faire capitalism allows companies to compete freely with each other in an open marketplace. Without costs of government regulation, businesses can grow faster. This leads to price increases for the consumer and the lack of diversification in the marketplace. Without restrictions from the government, there is more incentive for innovation, and technological advances can take place. This can result in a large wealth gap in a society with a few very rich people in control of the majority of the economy's wealth. Capitalism (or laissez faire) feeds and clothes and houses more people at higher levels than any other system. Workers have more rights, and have a comfortable work environment. Lots of government involvement and regulation raises cost and slows growth.
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