Some of the actions that the government would avoid in laissez-faire capitalism include: (*list at least 3-4)
Some of the problematic practices that businesses could engage in include the following. (*list 2-3 practices)
Some of the ways that the combination of industrialization and laissez-faire capitalism transformed American society included the following. (*list 3-4 ways that society transformed - just the headings and not the explanations!)
When was the Gilded Age?
During the Gilded Age, the U.S. was the only country that was industrializing.
Check off all of the following that were consequences of the rapid industrialization during the Gilded Age.
During the Gilded Age, the government was extremely involved in the economy, making laws and regulations for almost all aspects of business.
Check off all of the following that would be TRUE of a laissez-faire economy.
Proponents of laissez-faire capitalism claim that this economic system will provide the greatest benefit for the greatest number of people.
In a laissez-faire capitalist system, the government places too many restrictions on businesses, which limits new ideas and innovations.
Critics of laissez faire capitalism claim that this economic system hurts consumers and small businesses.
Due to the combination of indutsrialization and laissez-faire capitalism in the Gilded Age, more and more people started moving to rural areas.
Many of the people who moved to American cities during the Gilded Age were immigrants from other countries.
One consequence of laissez-faire capitalism during the Gilded Age was that a new middle class developed and the gap between the rich and poor got so small that almost everyone in society had the same amount of wealth.