2. Promoted consumption and growth of American Production:
a. Tariffs – taxes on foreign made goods or products, forced people to buy American goods.
b. Subsidies – a payment to an industry to encourage development and growth (Examples: farming and railroads)
Did not place regulations on businesses. (No labor or business laws)
a. Many believed in Laissez-Faire – government had a “hands off” approach to the economy and would “allow” certain conditions to “be”.
b. Many also supported Social Darwinism - belief that wealth and power were signs of fitness and that mankind benefited from intense competition and removal of the weak and unfit. (Derived from the theories of Herbert Spencer and Charles Darwin)