Causes of Laissez-Faire economics
Gilded Age and Second Industrial Revolution
Lobbying
Social Darwinism
Abundant and easy labor
Captains of Industry
Description of Laissez-Faire economics
Absolute minimal govt interference in economics, allowing the free market to operate truly free with almost no regulation.
Results of Laissez-Faire
Massive wealth gaps between the rich and the poor
Poor labor and working conditions
Monopolies
Rapid industrialization
Significance of Laissez-Faire
Massive wealth gap and the beginning of reform movements, labor unions, strikes and recognition of workers’ rights.
Social Darwinism causes
Laissez-Faire economy
Industrialization
Herbert Spencer and “survival of the fittest”
Charles Darwin’s findings about nature
Description of Social Darwinism
“Survival of the fittest” but applied to humans; only the most deserving and competent would become rich. The lazy people in society were “unworthy” and “unfit”, Spencer thought that they would die off and society would be alright.
Results of Social Darwinism
Provided support for Laissez-Faire, “scientific backing”
Nativism & racism
Justified eugenics and social inequality of the Gilded Age
Significance of Social Darwinism
Led to the beginning of the Progressive Movement and defend the Captains of Industry.
