Final answer:
Laissez-faire government is described as a "hands" off or "lazy" government, advocating for minimal government intervention in economic affairs. This approach thrived during the industrialization era in the late 1800s in the U.S., but the resulting monopolies led to increased regulation in the early 20th century.
Step-by-step explanation:
Laissez-faire government is a "hands" off or "lazy" government. The term laissez-faire, which roughly translates to "let it be," describes a political and economic philosophy that favors minimal government intervention in business affairs. Under the principle of laissez-faire economics, the belief is that economic markets should be free from government control to function efficiently and effectively.
Historically, the laissez-faire approach was adopted in the United States during the late 1800s, coinciding with industrialization when businesses operated with little to no government oversight. However, this lack of regulation ultimately led to the creation of monopolies, prompting the need for increased government intervention in the early 20th century in industries such as railroads and oil.