With the New Deal, President Roosevelt changed the government's role in the economy. What is the laissez-faire approach to economics and how was President Roosevelt's approach different?

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15-05-2018
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With the New Deal, President Roosevelt changed the government's role in the economy. What is the laissez-faire approach to economics and how was President Roosevelt's approach different?

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gauravsingh23VT gauravsingh23VT · Answer 1 · 2022-05-14T15:16:26+02:00

By rejecting Hoover's approach, FDR essentially embraced economic nationalism and committed the US to solving the Depression on its own.

What is the laissez-faire approach to economics?

Laissez-faire is a policy of minimal government intervention in the economic affairs of individuals and society.

The laissez-faire doctrine is commonly associated with the Physiocrats, a group of economists who flourished in France from about 1756 to 1778. In French, laissez-faire means "allow to do."

Thus, By rejecting Hoover's approach, FDR essentially embraced economic.

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