Which of the following describes how the Industrial Revolution affected economic practices?
A. The need for more workers during the Industrial Revolution favored communist economic theories.
B. Increasing trade during the Industrial Revolution encouraged economic theories based on fair exchange.
C. The success of the Industrial Revolution promoted laissez-faire economic theories.
D. Strict regulations during the Industrial Revolution led to more socialist economic theories.
C. The success of the Industrial Revolution promoted laissez-faire economic theories.
The answer is C. The success of the Industrial Revolution promoted laissez-faire economic theories.
To determine which option describes how the Industrial Revolution affected economic practices, we need to understand the key characteristics of the Industrial Revolution and its impact on economic theories.
The Industrial Revolution was a period of rapid industrialization and technological advancements that took place in the late 18th and early 19th centuries. It brought significant changes to the way goods were produced, resulting in the emergence of factories and mass production. With these changes, there were several effects on economic practices.
A. The need for more workers during the Industrial Revolution favored communist economic theories.
This option suggests that the increase in the demand for workers during the Industrial Revolution led to the rise of communist economic theories. However, this statement is not accurate. While the Industrial Revolution did bring about changes in working conditions and social inequalities, it did not directly favor communist economic theories.
B. Increasing trade during the Industrial Revolution encouraged economic theories based on fair exchange.
This option suggests that the increased trade during the Industrial Revolution influenced economic theories based on fair exchange. Unlike the previous option, this option acknowledges the impact of trade during the Industrial Revolution. However, it does not accurately capture the broader impact of the Industrial Revolution on economic practices.
C. The success of the Industrial Revolution promoted laissez-faire economic theories.
This option indicates that the Industrial Revolution's success led to the promotion of laissez-faire economic theories. Laissez-faire refers to a hands-off approach by the government in economic matters, allowing free markets to operate without unnecessary regulation. This option accurately reflects the impact of the Industrial Revolution on economic theories, as the success and rapid industrialization of the period did indeed promote the idea of minimal government intervention in the economy.
D. Strict regulations during the Industrial Revolution led to more socialist economic theories.
This option suggests that the strict regulations implemented during the Industrial Revolution led to the rise of socialist economic theories. However, this option is not accurate as the Industrial Revolution generally led to a shift towards laissez-faire economic theories, emphasizing free markets and limited government involvement.
Based on the explanations provided, option C, "The success of the Industrial Revolution promoted laissez-faire economic theories," appears to best describe how the Industrial Revolution affected economic practices.