Identify and State the Historical Significance of the Following

question 111

Essay

Identify and state the historical significance of the following:
-Michael Wigglesworth

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Definitions:

Market System

A system where economic decisions, such as pricing and investment, are determined by supply and demand.

Regulatory Mechanism

A system or process designed to control or govern conduct, often within industries or sectors, through guidelines or rules.

Laissez-faire Capitalism

An economic system characterized by minimal government intervention and the free operation of market forces.

Minimal Government Intervention

Minimal government intervention refers to a political and economic philosophy that advocates for the government to interfere as little as possible in the economic decisions of individuals and businesses.