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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.
Freedom to contract underpins laissez-faire economics and is a cornerstone of free-market libertarianism. The proponents of the concept believe that through "freedom of contract", individuals possess a general freedom to choose with whom to contract, whether to contract or not, and on which terms to contract.
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]
Although laissez-faire has been commonly associated with capitalism, there is a similar economic theory associated with socialism called left-wing or socialist laissez-faire, also known as free-market anarchism, free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism.
According to progressive scholars, American judges steeped in laissez-faire economic theory, who identified with the nation's capitalist class and harbored contempt for any effort to redistribute wealth or otherwise meddle with the private marketplace, acted on their own economic and political biases to strike down legislation that threatened ...
The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers. Cheltenham: Edward Elgar. ISBN 1-84064-606-3. McCloskey, Deirdre N. (2010). Bourgeois dignity: Why economics can't explain the modern world. Chicago: University of Chicago Press. ISBN 978-0226556659. Miller, H. Laurence Jr. (1962).
The Austrian theory of the business cycle (ABCT) focuses on banks' issuance of credit as the cause of economic fluctuations. [84] Although later elaborated by Hayek and others, the theory was first set forth by Mises, who posited that fractional reserve banks extend credit at artificially low interest rates, causing businesses to invest in ...
In 1991, he became director of its Free Enterprise Institute. In 1993, his book Free Banking: Theory, History, and a Laissez-Faire Model was published by Quorum Books. He became a full professor in 2002. Sechrest was a libertarian and promoted the ideas of the Austrian School of economics.