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Although laissez-faire has been commonly associated with capitalism, there is a similar laissez-faire economic theory and system associated with socialism called left-wing laissez-faire, [71] [72] or free-market anarchism, also known as free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism.
She considered laissez-faire capitalism the only moral social system because in her view it was the only system based on protecting those rights. [192] Rand opposed collectivism and statism, [193] which she considered to include many specific forms of government, such as communism, fascism, socialism, theocracy, and the welfare state. [194]
The system works best when there is a complementary relationship between one person's needs and another person's desires, and so trade restrictions place an unnatural barrier to achieving one's goals. Laissez-faire was popularized by physiocrat Vincent de Gournay who is said to have adopted the term from François Quesnay's writings on China. [10]
[A]t the center of classical liberal theory [in Europe] was the idea of laissez-faire. To the vast majority of American classical liberals, however, laissez-faire did not mean no government intervention at all. On the contrary, they were more than willing to see government provide tariffs, railroad subsidies, and internal improvements, all of ...
The other was the political doctrine of laissez-faire economics, namely that all coercive government regulation of the market represents unjustified interference, and that economies would perform best with government only playing a defensive role in order to ensure the operation of free markets.
He also proposes a notable theory of the interest rate. After discussing the evolution of the different systems of cultivation, the nature of exchange and barter, money, and the functions of capital, he sets forth the theory of the impôt unique, i.e. that only the net product (produit net) of the land should be taxed. In addition he demanded ...
After an introduction by Rand, the book is divided into two main sections. The first section, "Theory and History", contains essays that focus on the theoretical basis for capitalism and historical arguments related to it. This section includes essays arguing against common objections to capitalism.
Human Action: A Treatise on Economics is a work by the Austrian economist and philosopher Ludwig von Mises.Widely considered Mises' magnum opus, [1] it presents the case for laissez-faire capitalism based on praxeology, his method to understand the structure of human decision-making.