c) Laissez-faire

Laissez-faire, a French term meaning “let do,” was the economic doctrine of the early United States, advocating minimal government intervention in the economy. Rooted in classical liberal thought, it was championed by economists like Adam Smith. Laissez-faire principles were reflected in the early economic policies of the U.S., emphasizing free trade, limited government regulation, and the belief in the self-regulating nature of markets. This approach played a significant role in the economic expansion of the 19th century, fostering an environment conducive to industrial growth and innovation. However, it also led to issues like monopolies and worker exploitation, prompting later regulatory reforms.