Information on Laissez-faire and Court Injuction

603 Words Jan 26th, 2018 2 Pages
1. Court Injuction
2. Laissez-faire

Recording to the Union County College “Laissez- faire an economic and political doctrine that holds that economies function most efficiently when unencumbered by government regulation. Laissez faire advocates favor individual self-interest and competition, and oppose the taxation and regulation of commerce.” “"Leave it alone” The concept came from the economic theories of Adam Smith, the 18th-century Scot whose writings greatly influenced the growth of American capitalism. Smith believed that private interests should have a free rein. As long as markets were free and competitive, he said, the actions of private individuals, motivated by self-interest, would work together for the greater good of society. Smith did favor some forms of government intervention, mainly to establish the ground rules for free enterprise. But it was his advocacy of laissez-faire practices that earned him favor in America, a country built on faith in the individual and distrust of authority. Laissez-faire practices have not prevented private interests from turning to the government for help on numerous occasions, however. Railroad companies accepted grants of land and public subsidies in the 19th century. Industries facing strong competition from abroad have long appealed for protections through trade policy. American agriculture, almost totally in private hands, has benefited from government assistance. Many other industries also have sought and received…
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