Regulation and Deregulation

Prior to the 19th century, most people would have voiced their support for the "concept of laissez-faire, a doctrine opposing government interference in the economy, except in" the maintenance of law and order (U.S. Department of State, 2014). The turn of the 19th century, however, saw attitudes begin to change, and labor movements as well as small entrepreneurs asking the government to intervene, following the apparent failure of the market forces to allocate resources efficiently. This text answers the above question by providing real examples that are proof enough that the government ought to be the catalyst for innovations in all sectors because reliance on bubble-driven, market-controlled growth is both precarious and unsustainable.

At the start of the 19th century, the U.S. had no industry in its name and only survived by growing cotton, and later on, exporting the same to England. After being turned into clothes...
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