What was a result of the laissez-fair economic policies followed by the Federal Government between the Civil War and 1900?
See question 49.
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The laissez-faire economic policies followed by the Federal Government between the Civil War and 1900 resulted in several outcomes. To understand these outcomes, it's important to explain what laissez-faire means.
Laissez-faire is a French term meaning "let do" or "leave alone." In the context of economics, it refers to a hands-off approach by the government, where there is limited interference in the workings of the market and minimal regulations on businesses. Under this philosophy, the government believes that markets can efficiently regulate themselves without much intervention.
Now, to answer your question, here are some results of the laissez-faire economic policies during this period:
1. Industrialization Boom: The lack of government regulations and restrictions allowed businesses and industries to grow rapidly. This era witnessed the rise of industrial powerhouses such as steel, oil, and railroads, which contributed to the overall economic growth of the United States.
2. Wealth Inequality: The laissez-faire policies did not address the issue of wealth distribution, leading to a significant wealth gap between the rich and the poor. While some individuals benefited greatly from the economic growth, many workers faced poor working conditions, low wages, and long hours.
3. Monopolies and Trusts: Without government intervention, large corporations were able to establish monopolies or create trusts, consolidating their power and limiting competition. This concentration of economic power led to concerns about anti-competitive practices and limited choices for consumers.
4. Limited Worker Protection: Laissez-faire policies meant that there were minimal regulations to protect workers' rights, resulting in unsafe working conditions, child labor, and exploitation. This led to growing labor movements and demands for better working conditions and rights.
5. Economic Panics and Unregulated Finance: Without strong government oversight, the laissez-faire approach contributed to various economic panics and financial crises during this period. The absence of regulations on banking and finance allowed for speculation and risky practices, leading to economic instability.
To summarize, the laissez-faire economic policies followed by the Federal Government between the Civil War and 1900 resulted in an industrialization boom, wealth inequality, the rise of monopolies, limited worker protection, and economic instability.