What two major events in u. s history caused americans to stop believing in laissez-faire

The period Gilded Age - from 1870 to 1900s - was a period of rapid industrialization and laissez-fair capitalism, during this period men like John D. Rockefeller and Andrew Carnegie made fortunes and preached the “survival of the fittest” in business.

This Laissez Faire philosophy allowed these men to gain industry power and kill any other business that could even compete with them with their strength and monopoly. This caused low income, bad working conditions, long hours of labor in dangerous factories and mines. The government did not regulate any aspect because of the laissez fair philosophy.

The first main event that caused disbelief in laissez faire was the first great depression in 1819 - the government’s only act was to ease the terms of payment for its own land debtors.

The second great depression in 1929 also caused by the laissez fair policy, changed everything. With the 1929 depression, the “New Deal” program changed the philosophy to interventionism.

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