Economic Liberalism

Definition

Economic liberalism refers to the belief in free markets, limited government intervention, and individual economic freedoms. It promotes the idea that individuals should have the freedom to pursue their own economic interests without excessive regulation or control.

Related terms

Adam Smith: Scottish economist and philosopher who is often associated with economic liberalism. He advocated for free trade, division of labor, and the invisible hand theory.

Laissez-faire: A policy or doctrine that advocates minimal government intervention in economic affairs. It aligns with the principles of economic liberalism.

Wealth of Nations: Adam Smith's influential book published in 1776 that laid out the principles of economic liberalism and discussed the benefits of free markets.