As I understand it, Laissez-faire ideology maintains that the "free market" is the best way to determine what businesses can and should do. This means that businesses, in competition with one another, should be free to determine their paths free from any government rules or regulations. The belief is that the competition among various businesses will ultimately result in the best outcomes for society in general - Adam Smith's "invisible hand". As part of this philosophy, workers should also be free to compete with each other and choose to work wherever they wish and this process will also result in the best results for the workers as well.
However, isn't there a huge assumption in this philosophy? Doesn't the whole justification of this belief depends on the condition that there is perfect competition and that any company and any worker have the equal ability to compete with one another?
What if there is no perfect competition? What if some companies have advantages - due to any of a whole array of reasons - that place them in a non-competitive position vis a vis their competitors? Without perfect competition then other companies are not necessarily able to compete with other companies that have certain advantages. If such a situation exists, then advantaged companies may have the ability to pursue a course that results in their private benefit, but not necessarily to the benefit of society as a whole. The same would apply to workers in that reduced competition among companies would result in decreased leverage for potential employees.
To recap, if the Laissez-faire ideology maintains the best economic policy for society as a whole, and it depends on there being perfect competition on an ongoing basis with minimal government intervention, doesn't it fall apart if there is less than the perfect competition?
Yes, it was the Boxer Rebellion. :))
In the early years of our Congress they had representatives and the senators and the whole meaning of it is the word pirate which means filbuster was popular in the 1850s when it was to host the senate floor in order to prevent a vote on a bill
Answer:
B. A longer history of industrialization that other continents
Explanation:
Europe does not boast the oldest civilizations in world history; it doesn´t have more natural resources than other parts of the world; and its population isn´t the largest among all continents. But the industrial revolution, scientific discoveries and tecnological advances, colonialism , highly educated populations and generous social investment have allowed Europe reach a high standard of living.
Thailand is the country that avoided european colonization
