Describe the concept of "laissez-faire economics" in the context of the Industrial Revolution.

Laissez-faire economics is rooted in the belief that economic success is best achieved through free-market principles, where individuals and businesses operate with minimal government interference. This philosophy emerged prominently during the Industrial Revolution when countries like Great Britain experienced significant economic transformation due to industrialization.

The idea behind laissez-faire is that when markets are left to operate freely, supply and demand will naturally regulate the economy, fostering innovation and efficiency. Entrepreneurs are encouraged to pursue their interests without the constraints of government regulation, which proponents argue leads to greater economic growth and prosperity.

In the context of the Industrial Revolution, this approach facilitated the rapid expansion of industries and businesses as inventors and capitalists took advantage of new technologies and market opportunities. The emphasis on minimal government involvement allowed for a surge of entrepreneurship and the establishment of factories, which drove industrial growth, urbanization, and ultimately, the modernization of societies.