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?
Answer:
Roads created improved trade routes over long distances
Explanation:
The Constitution of the United States established America's national government and fundamental laws, and guaranteed certain basic rights for its citizens. It was signed on September 17, 1787, by delegates to the Constitutional Convention in Philadelphia.
MORE OF THE NORTH WANTED LINCOLN LESS OF THE SOUTH WANTED LINCOLN
During the 1920s, economic growth in the United States occurred rapidly and then slowed down. The correct option among all the options that are given in the question is the first option. During this period, most of the wealth in the United States of America was controlled by a select few. I hope the answer has come to your help.
