Question

Opponents/reformers against the laissez-faire doctrine of the late 19th century argued that ?

Answer 1

Late 19th-century opponents of laissez-faire economics believed in government intervention to prevent monopolies and protect workers and consumers, which set the stage for the Progressive reforms advocating for balanced government regulation.

Step-by-step explanation:

Opponents and reformers against the laissez-faire doctrine of the late 19th century argued that a hands-off approach to economics leads to monopolies and trusts that could harm the public interest. They called for government intervention to regulate the economy, establish quality controls, and set up health and safety standards to protect consumers and workers. The turn of the 20th century saw progressive reformers, who sought a balanced approach with government regulation to ensure fair competition and prevent the harsh outcomes of unchecked industrial capitalism.

Answer 2

Laissez-faire is an economic theory which surfaced in the 18th century. This theory opposed any government intervention in the business affairs.

Step-by-step explanation:

The concept simply states that the less the government is involved in the business affairs and economy, the better off business will be. This theory is a vital part of free market capitalism. But this theory has been criticised immensely in the 19th century. One such crucial criticism that it has faced is that capitalism as a system is attached with moral ambiguities. And it does not protect the weakest of the society. The theory supports working of individuals on their own to increase the societal benefits but the idea of letting the economic system run unsupervised can be dangerous. This also victimises the poor of the society.