Laissez Faire Economics Theory: Laissez Faire Economic Theory

877 Words4 Pages
Mahmoud El Rayess
Mr. John Kennet
Civics Grade 12
May 13th, 2016
Laissez Faire Economics Theory

Jean-Baptiste Colbert was a Controller General of Finance under Louis XIV. He was extremely smart, he was responsible for the improvement of exchange, industry, the urban advancement of Paris and the development of science. He was always with the King, he stayed one of his most trusted counsels. He was born and raised in a family that worked in the sector of international relations since the sixteenth century, his father was a textile merchant. Colbert started working in this sector in 1640. He was named minister by Louis XIV in 1661 and bit by bit took the work of all ministries aside from the ministries of War and Foreign Affairs. His relationship
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For example, the public started to support laissez faire in the 1800s with the industrial revolution. However, the public opinions started to change during the presidencies of Theodore Roosevelt and Woodrow Wilson and supporting government involvement became very important to the public and less laissez faire supporters. Also to restrict the abuses of child labor, long factory hours and poor working environments. Laissez faire became extremely popular again during the 1920s when there was a very strong economy, but people changed their mind again after the 1929 stock market crash and the great depression in the 1930s. During the 1970s and 1980s Ronald Reagan and Margaret Thatcher both found out inefficiencies in the government and started to see the importance of laissez faire. Another good when the United states, Canada, and Mexico removed tariffs as well as limits on importing or exporting things from each other. By creating this North American free trade agreement in 1994, and removing these government roadblocks, trade between the three countries increased by 190%. In the 20th century, there was a separation of imposing business models in the US and (after Second World War) nationalization of businesses in Europe undermined

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