Foundations of Modern Political Economy
Classified in Social sciences
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Adam Smith and Laissez-Faire Economics
Smith defined the nation's wealth not as a fixed landmark, but derived from the open market, driven by individual self-interest and competition.
Economic Liberalism: Conditions for Growth
Economic liberalism promotes growth and prosperity through specific mechanisms, primarily focusing on minimizing government intervention and maximizing individual economic freedom.
Key tenets of economic liberalism include:
- Removal of Regulations: Granting freedom to invest and operate without excessive governmental limits.
- Market Mechanisms: Reliance on free competition, the law of supply and demand, and market evolution.
- Labor Freedom: Freedom of employment, including conditions of recruitment and hours of work.
- Limiting the