The Rise of Economic Liberalism and the Labor Movement
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The Rise of Economic Liberalism
Economic liberalism imposed a new system to regulate the economy. Based on the principle of laissez-faire, laissez-passer ("let do, let pass"), this system promoted freedom of action in all economic sectors.
Basic Principles of Economic Liberalism:
- Work is the only source of wealth.
- Personal interest serves the interest of the community.
- Economic activity is regulated by the law of supply and demand.
- Governments should not intervene in production and exchange. Private enterprise must function freely with maximum individual initiative.
- Free trade is essential.
The application of economic liberalism was favored by venture capitalists.
The Labor Movement
The disappearance of traditional worker protections, coupled with the... Continue reading "The Rise of Economic Liberalism and the Labor Movement" »