What type of economic policy did Hoover believe in during his presidency?

During his presidency, Herbert Hoover strongly adhered to the principles of laissez-faire economics. This belief system emphasizes minimal government intervention in the economy, with the idea that free-market forces should primarily determine economic outcomes. Hoover's approach stemmed from a conviction that government interference could distort market activities and inhibit individual initiative.

In practice, this meant that during the early stages of the Great Depression, Hoover was hesitant to implement direct government relief programs or significant economic interventions that might alleviate the suffering of millions. Instead, he relied heavily on voluntary measures and encouraged businesses to maintain wages and employment levels in hopes of self-correction within the market.

This philosophy ultimately proved challenging during the economic turmoil of the 1930s, as many felt that a more proactive government response was necessary to address the widespread suffering and economic collapse.