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Examine the relationships between science, mechanization of industry, and social changes. Do these adaptations represent the totality of the Second Industrial Revolution?
Mixed-Market Economy
An economic system that combines elements of both capitalism and socialism, featuring a combination of free market principles and government intervention.
Laissez-Faire Economy
An economic system where transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.
Laissez-Faire Capitalism
An economic system where private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.
Market System
This system of economy relies on supply and demand to guide decisions about investments, production levels, and the distribution mechanism, with the cost of goods and services being determined in an unregulated pricing system.
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