Economic Individualism – Laissez-Faire
Economic Individualism – Laissez-Faire
In the late seventeenth century, Louis XIV reigned as King of France. His finance minister, Jean Baptiste Colbert, asked a manufacturer by the name of
Legendre how the government might helped business. Legendre’s reply was “laissez nous faire” leave us alone. The expression (6 to become) a watchword and motto of market economy.
Today we interpret laissez-fairemeans that absence of government intervention (9 to lead) to economic individualism and economic freedom. Under laissez-faire conditions, people’s economic activities are their own private affairs. As consumers, they are free spend their incomes as they choose. As producers, they are free purchase the economic resources they desire and use these resources as they wish.
In reality, economic freedom in subject almost always to restraints imposed by society for the protection and general welfare of its citizens. Prohibitions against force and fraud was examples. Can you give some others? Can you explain why such restraints was necessary?
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