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Laissez-Faire:French for "let do", this term means to let the owners of a business or industry make their own working conditions without any interference from the government.
Capitalism:An economic system where the factors of production are privately owned and money gets invested in business ventires so a profit is made.
Few countries still practice Laissez-Faire because people feel that businesses need regulation in order to function.
Capatalism developed because the people criticized the idea that nations grow wealthy by placing high prices on foreign goods.
Laissez-Faire was developed because people argued government regulations only interfered with the production of wealth.
Beliefs of Laissez-Faire~Thought the government only managed to get in the way of business~Thought that if the government allowed free tradethat business and the economy would boost~Nations grow wealthy by placing high prices on foreign goods.
Beliefs of Capitalism~Thought natural laws governed economic life~Believed an underclass would always be poor.~The more workers there are the cheaper goods are. Less workers means goods are more expensive.~Didn't approve of the government trying to help the poor. Minimum wages and bettering working conditions would upset the freemarketing system, lower profits, and undermine the production of wealth in society
Most modern societies practice capatalism like France, America, England and Japan
These theories came about in the late 18th century
French economic philosophers of the Enlightenment developed the theory of Laissez-Faire and Adam Smith theorized Capitalism
By Elle, Megan, Kaitie, and Heather
These theories are important because they were the base of how most economies worked some of the ideas presented in these theories are still used today