<u>Answer:</u>
The economic philosophy that Andrew Carnegie is referring to in this quote is capitalism.
<u>Explanation:</u>
It is clear from the terms used and the process described in the quote that the philosophy Andrew Carnegie is referring to is none other than capitalism. It is because Carnegie is speaking about 'competition' which according to him is beneficial in the growth.
The term 'material development' also clarifies that the quote is in the praise of capitalism. Moreover, Andrew Carnegie was himself a capitalist.
<span>The Depression spread rapidly around the world because the responses made by governments were flawed. When faced with falling export earnings they overreacted and severely increased tariffs on imports, thus further reducing trade. Moreover, since deflation was the only policy supported by economic theory at the time, the initial response of every government was to cut their spending. As a result consumer demand fell even further. Deflationary policies were critically linked to exchange rates. Under the Gold Standard, which linked currencies to the value of gold, governments were committed to maintaining fixed exchange rates.</span>
He was an American pioneer, explorer, woodsman, and frontiersman. He led a expedition that discovered a trail to the west through the Cumberland gap
The thrid option would be correct
