1. laissez Faire economics By: Evan Doi Dominique Luong Ben Kelchner Chantelle Searle

2. What is laissez Faire economics laissez Faire economics is a system that denies the government full power in the economy and allows the manufacture full power within the framework of law. laissez Faire economics is a system that denies the government full power in the economy and allows the manufacture full power within the framework of law. laissez Faire economics shares the same framework as Political liberalism. laissez Faire economics shares the same framework as Political liberalism. laissez Faire economics also states that Free trade and Unregulated economic activity is OK. laissez Faire economics also states that Free trade and Unregulated economic activity is OK.

3. The Pros of laissez Faire economics

4. The laissez Faire economics is a helpful form of economics in certain ways. It allows the manufactures to sell their products without interference by the government. It also helps the manufacture because the manufacture can set their own standards and regulations on their products. The laissez Faire economics is a helpful form of economics in certain ways. It allows the manufactures to sell their products without interference by the government. It also helps the manufacture because the manufacture can set their own standards and regulations on their products.

5. Continued Another advantage for the manufactures was Free trade and Unregulated economic activity. Both free trade and unregulated economic activity allowed the manufacture to not only set their own standards but it also allowed them to regulate laws and company action without the government trying to prevent them.

6. Continued In all laissez Faire economics is good system for major corporations and the rich.

7. Writer’s of economics Adam Smith and Horatio Alger

8. Adam Smith Adam Smith thought and believed that competition would lead to proper pricing of goods. This played a large role in his economic policy recommendations. Adam Smith thought and believed that competition would lead to proper pricing of goods. This played a large role in his economic policy recommendations. Adam Smith therefore didn’t want the government interventions into business affairs. Because they would control the businesses. Adam Smith therefore didn’t want the government interventions into business affairs. Because they would control the businesses.

9. continued Adam Smith published An inquiry into the nature and causes of wealth of nations in 1776. Adam Smith published An inquiry into the nature and causes of wealth of nations in 1776. He wrote that labor was the only source of a nation’s wealth. He thought that the true wealth of a nation wasn’t laid in gold but in that achievement of an abundance of the necessities of life. In his book he warned against unnecessary interventions made by the government. He wrote that labor was the only source of a nation’s wealth. He thought that the true wealth of a nation wasn’t laid in gold but in that achievement of an abundance of the necessities of life. In his book he warned against unnecessary interventions made by the government.

10. Horatio Alger Horatio Alger was also known as “Horatio Alger hero” because this phrase is referring to the person who achieves success by his own efforts in the face of great obstacles. Horatio Alger was also known as “Horatio Alger hero” because this phrase is referring to the person who achieves success by his own efforts in the face of great obstacles. In his writings he wrote about boys overcoming poverty and them achieving success when obstacles arise. In his writings he wrote about boys overcoming poverty and them achieving success when obstacles arise.

11. Continued So with laissez faire these people in these situations were able to overcome these obstacles So with laissez faire these people in these situations were able to overcome these obstacles His stories are about a boy being in a desperate situation and that boy with difficult effort improves himself and succeeds. His stories are about a boy being in a desperate situation and that boy with difficult effort improves himself and succeeds.

12. OTHER TOPICS

13. Urban Life Urban Life: With this form of government it allowed the people to decide where to bring up cities and also where to build. This also allowed the people to by certain products without the government intervention. Such as weapons and other illegal things. Urban Life: With this form of government it allowed the people to decide where to bring up cities and also where to build. This also allowed the people to by certain products without the government intervention. Such as weapons and other illegal things.

14. The Steam Engine An engineer, Thomas Newcomen, built the first modern steam engine in 1705. An engineer, Thomas Newcomen, built the first modern steam engine in 1705. In 1774 James Watt began to make improvements on Newcomen’s engine. In 1774 James Watt began to make improvements on Newcomen’s engine. –He changed it from an atmospheric to a true “steam engine” as well as providing a rotary motion. The industrialist Michael Boulton took Watt into partnership. The industrialist Michael Boulton took Watt into partnership. –Their firm produced nearly five hundred engines before Watt’s patent expired in 1800. Robert Fulton’s steamboat, the Clermont (1807), made river transport quicker and more profitable. Robert Fulton’s steamboat, the Clermont (1807), made river transport quicker and more profitable. By 1850 Steamships could carry bulk cargo more cheaply than railroads except during freezing weather. By 1850 Steamships could carry bulk cargo more cheaply than railroads except during freezing weather. Steamboats soon replaced sailboats because they were not dependent on the winds and could therefore meet schedules more regularly. Steamboats soon replaced sailboats because they were not dependent on the winds and could therefore meet schedules more regularly. In 1848 Samuel Cunard introduced regularly scheduled steamships to the Atlantic. In 1848 Samuel Cunard introduced regularly scheduled steamships to the Atlantic. –It ran between Liverpool and New York, reducing travel time dramatically.

15. Railroads Total mileage… Total mileage… Year Year 18301840185018601870Railroad Mileage733328887930,63650,000The railroad brought modern management and a national market 18301840185018601870Railroad Mileage733328887930,63650,000The railroad brought modern management and a national market –These led to big business and consumer culture. As you can see from the above chart, railroads played a large role in the Industrial Revolution. As you can see from the above chart, railroads played a large role in the Industrial Revolution. Because railroads could go so fast… Because railroads could go so fast… The big railway boom came in the years 1844 to 1847. The big railway boom came in the years 1844 to 1847. –People got their land taken away, but it was worth it because… People were able to move around and visit relatives. People were able to move around and visit relatives. Large amount of food could be transported without going bad. Large amount of food could be transported without going bad.