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22 February, 04:24

Was Herbert Hoover an advocate of laissez-faire economics?

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  1. 22 February, 06:49
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    Hoover was an advocate of laissez-faire economics.

    Explanation:

    He believed an economy based on capitalism would self-correct. He felt that economic assistance would make people stop working. He believed business prosperity would trickle down to the average person. This philosophy was not effective against the depression. His failure to end it led to his defeat in the 1932 presidential election against Franklin D. Roosevelt and his New Deal.
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