Economic Ideologies - Laissez Faire vs Free Trade

  • Created by: meghan06
  • Created on: 24-04-20 20:01

Laissez Faire

  • Main economic ideology in the 1800s

  • Outlined that price would keep supply and demand in equilibrium

  • Little government intervention, a "hands off" approach
  • Adam Smith's Wealth of Nations argued against this ideology - government regulation would restrict Britain's economic growth
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Free Trade

  • Popular with Gladstone

  • Strength for this ideology gatheres in the 1850s

  • The lower the duties paid by manufacturers, the more cheaply goods could be made
  • Against this ideology - in the 1880s the Fair Trade League spoke out to argue for a more protectionist approach
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