- Coined in 1776 in 'Wealth of Nations' via Smith - Had envisioned competition which businesses had completely eliminated - Panic of 1873: nothing done by Pres Cleveland to alleviate - Gov only intervened in business affairs if good economic outcome promised - ICC = deeply underfunded - Businesses leaders worked w/ Republican Politicians for overseas market expansion via. diplomacy - 1893: Laissez-Faire capitalists supported overthrow of Hawaiian monarchy - Open Door Policy

6.12: Controversies Over Role of Government Flashcards by Zarah Kosandar

LAISSEZ-FAIRE

Coined in 1776 in ‘Wealth of Nations’ via Smith
Had envisioned competition which businesses had completely eliminated
Panic of 1873: nothing done by Pres Cleveland to alleviate
Gov only intervened in business affairs if good economic outcome promised
ICC = deeply underfunded
Businesses leaders worked w/ Republican Politicians for overseas market expansion via. diplomacy
1893: Laissez-Faire capitalists supported overthrow of Hawaiian monarchy
Open Door Policy

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