What term describes the government's policy of non-interference in business during this era?

The term that describes the government's policy of non-interference in business during this era is laissez-faire capitalism. This concept is rooted in the idea that economic success is best achieved when the government minimizes its involvement in the market. The belief is that free markets, driven by supply and demand, should operate without government intervention, allowing businesses to compete freely.

During the late 19th century, particularly in the context of industrialization in the United States, laissez-faire capitalism encouraged rapid growth of industries and the expansion of markets. This ideology was often reflected in governmental practices where regulations on businesses were minimal, fostering an environment where entrepreneurs and corporations could operate independently.

In contrast, mercantilism refers to a trade system used before capitalism, emphasizing government regulation of the economy to enhance state power; planned economy indicates a system where the government makes all economic decisions; and interventionist capitalism implies a more active role for the government in regulating economic activities, which is contrary to the principle of laissez-faire.