Final answer:
Herbert Hoover believed in limited government intervention during times of peace and felt that excessive government actions during World War I were inappropriate. He believed economic fluctuations should be endured without excessive interventions and emphasized balanced budgets and a strong dollar.
Step-by-step explanation:
Herbert Hoover believed that during times of peace, government should be limited and that excessive government intervention, such as that seen during World War I, should be avoided. He viewed a large and powerful central government as a step towards tyranny. Hoover believed that economic fluctuations were a natural part of the business cycle and should be endured with stoic resolve. He also emphasized the importance of balanced budgets and a strong dollar based on the gold standard.