Which economic theory, widely accepted prior to the 1930s, advocates less intervention in the economy, allowing businesses to conduct their affairs more or less free from governmental regulation?

Question

Quizplus · Accepted Answer

Laissez-faire theory advocates for minimal government intervention in the economy and letting businesses operate without too much regulation. It was widely accepted prior to the 1930s, but the Great Depression brought about a shift towards more Keynesian economic policies. Trickle-down theory is a modern term that describes an approach to economics where benefits for the wealthy are believed to trickle down to benefit the entire society. Roosevelt theory is not a widely recognized term in economics. Capitalism is an economic system based on private ownership of the means of production and distribution of goods, but it is not a theory or approach to government intervention in the economy.

Which Economic Theory, Widely Accepted Prior to the 1930s, Advocates