What was Laissez-Faire and what implications did it have?
The Republicans believed in leaving businesses alone, allowing them to do their own thing. It encouraged capitalism and people to set up businesses as they were free to act without government control. It also made the market competitive.
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What were tariffs and what implications did they have?
Tariffs were imposed to make imported foreign goods expensive, meaning more people would spend on American goods, inputting money into the economy.
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Give an example of a tariff.
1922- Harding introduced Fordey-McCumber tariff which made imported food expensive.
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What was Low Taxation and what implications did it have?
Low Taxation meant keeping taxes as low as possible to allow people to spend their money on American goods. Encouraged people to set up their own businesses as it meant they could control the profits.
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What were Trusts and what implications did they have?
Trusts were huge super co-operations that dominated Industry. Meant that business people were trusted to control the economy and that some people were allowed to dominate certain industries.
What was Laissez-Faire and what implications did it have?
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The Republicans believed in leaving businesses alone, allowing them to do their own thing. It encouraged capitalism and people to set up businesses as they were free to act without government control. It also made the market competitive.
Card 3
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What were tariffs and what implications did they have?
Back
Card 4
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Give an example of a tariff.
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Card 5
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What was Low Taxation and what implications did it have?
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