The term laissez-faire, in the context of the government's approach in the 1890s, refers to economic policy affecting business. Laissez-faire is a French term that translates to "leave alone" or "let do." It reflects a hands-off approach by the government towards business activities, where the government minimizes its interference in the economy. This policy promotes free-market capitalism, allowing businesses to operate with minimal regulations and government intervention.
In the 1890s, during the rise of industrialization and big businesses in the United States, the concept of laissez-faire was commonly associated with the government's stance on economic policy. It was believed that minimal government involvement would lead to economic growth, innovation, and prosperity. However, this approach also raised concerns about issues like monopolies, worker exploitation, and unfair business practices.
By understanding the historical context of the 1890s and the principles of laissez-faire, we can see how this term specifically relates to the government's economic policy affecting business during that time period.
