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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.
Mutualism is an anarchist school of thought and economic theory that advocates for workers' control of the means of production, a free market made up of individual artisans, sole proprietorships and workers' cooperatives, and occupation and use property rights.
The revival of free-market ideologies during the mid-to-late 20th century came with disagreement over what to call the movement. While many believers in economic freedom prefer the term libertarian , some free-market conservatives reject the term's association with the 1960s New Left and its connotations of libertine hedonism. [ 87 ]
A free market economy is one in which prices and earnings are set between private actors and determined by market forces such as supply and demand. These economies can have greater or lesser ...
Market abolitionists such as David McNally argue in the Marxist tradition that the logic of the market inherently produces inequitable outcomes and leads to unequal exchanges, arguing that Adam Smith's moral intent and moral philosophy espousing equal exchange was undermined by the practice of the free market he championed—the development of ...
This is one of the two ethical view points within right-libertarianism, the other being consequentialist libertarianism which only takes into account the consequences of actions and rules when judging them and holds that free markets and strong private property rights have good consequences. [3] [4]
Entitlement theory is based on John Locke's ideas. [1] Under entitlement theory, people are represented as ends in themselves and equals, as Kant claimed, though different people may own (i.e. be entitled to) different amounts of property. Nozick's ideas create a strong system of private property and a free-market economy. The only just ...
Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]