How did President Hoovers approach toward the economy compare with Calvin Coolidges approach?
President Hoover's approach toward the economy was largely influenced by his belief in limited government intervention and support for individual responsibility and voluntary cooperation. He believed in the importance of maintaining a balanced budget and reducing government spending in order to promote economic growth. Hoover favored working with businesses and industry leaders to address economic challenges and did not support direct government intervention in the economy.
In contrast, Calvin Coolidge's approach toward the economy was similar in that he also believed in limited government intervention and supported low taxes and reduced government spending. Coolidge believed in the importance of free market principles and believed that government should not interfere with business or industry. He focused on maintaining a balanced budget and reducing government debt.
Overall, both Hoover and Coolidge had similar approaches toward the economy with a focus on limited government intervention and a belief in free market principles. However, Hoover faced the challenges of the Great Depression during his presidency, which led to a shift in his approach and more government intervention in the economy.