Up until the 1930s, the government took a “laissez-faire” approach to the economy

Laissez-faire” approach

Up until the 1930s, the government took a “laissez-faire” approach to the economy. What changed and who was the main influence for this change? In what situations would government intervention into the market place warrant price controls? Please provide a couple of examples in your response.

As an additional item who has encountered the price increase due to the minimum wage increase here in Michigan? How many were surprised at the increase in price on regular items that you purchase (i.e. the dollar menu or lack thereof)?

 

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Laissez-faire is derived from a French word meaning freedom or free will. On the other hand, a laissez-faire economy depicts a system in the economy where people operate in a free economy and they are against any government interference or any other regulations and rules in the economy.

            The government subscribed to the laissez-faire economic system until in 1930 when new economic and business policies were put in place. The rise of capitalists also had a major influence of this change….

APA

350 words