Economic libertarianism

Economic liberalism is an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households than by collective institutions or organizations. It includes a spectrum of different economic policies, such as freedom of movement, but its basis is on strong support for a market economy and private property in the means of production. Although economic liberalism can also be supportive of government regulation to a certain degree, it tends to oppose government intervention in the free market when it inhibits free trade and open competition.

Economic liberalism is most often associated with support for free markets and private ownership of capital assets. Historically, economic liberalism arose in response to mercantilism and feudalism. Today, economic liberalism is also considered opposed to non-capitalist economic orders, such as socialism and planned economies. It also contrasts with protectionism because of its support for free trade and open markets.

An economy that is managed according to these precepts may be described as a liberal economy.

Arguments in favor of economic liberalism were advanced during the Enlightenment, opposing mercantilism and feudalism. It was first analyzed by Adam Smith in An Inquiry into the Nature and Causes of the Wealth of Nations, which advocated minimal interference of government in a market economy, though it did not necessarily oppose the state's provision of basic public goods with what constitutes public goods originally being seen as very limited in scope. Smith claimed that if everyone is left to his own economic devices instead of being controlled by the state, then the result would be a harmonious and more equal society of ever-increasing prosperity. This underpinned the move towards a capitalist economic system in the late 18th century, and the subsequent demise of the mercantilist system.

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