What economic theories existed during the Industrial Revolution?

The Industrial Revolution was a period from the mid to late 1800s when the mass production of goods occurred through the use of factories.

During this period, the U. S During this period, the U.S. government committed itself to the theory of laissez-faire capitalism.

According to this theory, the economy functions best when the government does not interfere in business. Adam Smith

Carnegie Steel Company As a result of this theory, the U.S. economy grew and big business developed. Carnegie Steel Company Standard Oil Company

Rockefeller (oil refining) (railroads and shipping) Famous big business leaders included Andrew Carnegie and John D. Rockefeller, who embraced . . . Carnegie (steel) Rockefeller (oil refining) Cornelius Vanderbilt (railroads and shipping)

. . . the theory of Social Darwinism because it supported their belief that economic success comes to the hardest working and most competent. Charles Darwin

Some Americans described these leaders as being captains of industry, for helping out others. Rockefeller University Carnegie Hall Vanderbilt University 

Others described these leaders as being robber barons, for their use of ruthless business tactics against their competitors.