Economic Ideologies - Laissez Faire vs Free Trade 0.0 / 5 ? HistoryChallenge and Transformation: Britain c1851-1964ASAQA Created by: meghan06Created 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 1 of 2 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 2 of 2
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