President Martin Van Buren’s response to the Panic of 1837 was largely characterized by which philosophy?
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Correct answer: Laissez-faire and a commitment to limited government intervention
Following the Jeffersonian and Jacksonian tradition, Van Buren believed the federal government should not interfere in the economy during a downturn. His refusal to provide federal relief led critics to nickname him 'Martin Van Ruin.'
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More Panic of 1837 questions
- How did the 'Distribution Act' of 1836 contribute to the financial instability leading up to the Panic of 1837?
- Which international factor significantly worsened the American economic crisis in 1837?
- What was the purpose of the Independent Treasury (or 'Sub-Treasury') system proposed by Martin Van Buren?
- The term 'Pet Banks' refers to which of the following during the 1830s?
- What effect did the Panic of 1837 have on the American labor movement?
- Whig politicians used the economic distress of the Panic of 1837 to argue for which policy?