Essay: Laissez-Faire Advocated for a Free Enterprise System

Laissez-faire was very important in promoting the conduct of big businesses during the industrialization period. This policy was very important in that it advocated for a free enterprise system. This system was based on private ownership and was solely driven by an individual’s initiative in conducting his or her business (Barbara, 1998).

Thus, the levels of government restrictions were reduced. Because of this, there was the naturally arising competition. This competition provided the needed energy for the growth of these businesses and expansion into bigger enterprises during this period. This was of great benefit to the promotion of the rise in the economic status of the United States.

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