Final answer:
The statement that best aligns with laissez-faire capitalism is Statement A, which advocates for the market to self-regulate without government intervention, reflecting the 'invisible hand' concept central to laissez-faire economics.
Step-by-step explanation:
The statement that best supports the philosophy of laissez-faire capitalism is Statement A: "The 'invisible hand' will regulate market wages and prices without the need for government regulation." This concept aligns with the principles of laissez-faire economics, where the belief is that economic markets should operate totally free of government intervention. This perspective was particularly popular in the United States during the late 1800s with the rise of industrialization, where businesses operated with minimal government oversight.
Laissez-faire capitalism advocates, such as neoclassical economists, trust that market forces like supply and demand are most effective without government involvement. They rely on the idea of an invisible hand, where individual self-interest guided by the marketplace leads to societal benefits as articulated by Adam Smith. This self-regulating nature of the market is expected to lead to optimal prices, job creation, and overall economic equilibrium.
Statements B, C, and D suggest government intervention in the form of labor support, anti-trust legislation, and abolishment of child labor, which contradict laissez-faire principles. While important for societal progress and ensuring fair practice, these approaches involve direct government engagement in economic affairs, which laissez-faire purists would argue against.