Final answer:
During the Industrial Revolution and Gilded Age, laissez-faire policies meant minimal government involvement in business. This allowed for industrial growth but eventually led to monopolistic practices, necessitating government intervention and regulation. The correct answer is C. Laissez-faire policies advocated for minimal government involvement in business.
Step-by-step explanation:
Laissez-faire economics is associated with the belief that economies function most efficiently without government intervention. During the Industrial Revolution and Gilded Age, laissez-faire policies meant that businesses operated with minimal governmental oversight, which allowed for rapid industrial growth and the expansion of enterprises. However, by the early 20th century, this approach led to monopolistic practices, which prompted government figures like President Theodore Roosevelt to introduce regulation to protect competition and consumers.
So, pertaining to the original question, the correct option would be:
C. Laissez-faire policies advocated for minimal government involvement in business.
The philosophy of laissez-faire was not just an economic policy but was deeply rooted in practicality and ideology. Since it was practically impossible for European leaders to manage businesses across oceans, a laissez-faire approach was not only ideologically consistent with the beliefs about market efficiency but also a practical necessity. Despite its adoption during the Industrial Revolution, the approach was later reevaluated as it led to anti-competitive monopolies, prompting reforms in government-business relations.