The Enclosure Acts and Rise of Economic Liberalism
The shift from communal land use to private ownership, known as the Enclosure Acts, led many rural laborers to seek work in urban centers. This transition coincided with the mechanization of large farms, increasing productivity and profitability. By removing the fallow system, enclosed pastures further boosted agricultural output and farmer incomes. This agricultural development spurred industrial growth.
Economic Liberalism
Economic liberalism is an economic system characterized by private property, free enterprise, and free markets. Its theoretical foundation is rooted in the ideas of thinkers like Adam Smith.
Theoretical Basis of Economic Liberalism
Adam Smith argued that individual self-interest drives economic activity. He believed that wealth...