What core economic philosophy is championed by the doctrine of “laissez-faire”______________?
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Answer: C. is the French expression Adam Smith used to mean that government should keep its hands off the economy?
Explanation
Laissez-faire is a French economic expression popularized by Adam Smith meaning the government should keep its hands off the economy. Smith argued that competitive free markets self-regulate efficiently without requiring direct state interference. This doctrine forms the foundational philosophy underlying modern capitalist free-enterprise systems. Adam Smith published The Wealth of Nations in 1776, introducing foundational concepts of classical economics. The phrase translates literally from French as let it be or leave it alone. Proponents of laissez-faire argue that market forces like supply and demand allocate resources best.
Libertarian and conservative political platforms frequently invoke Adam Smith's laissez-faire ideas today. Economic history courses examine how government intervention grew during the Great Depression despite laissez-faire ideals. International trade agreements often reflect debates between government protectionism and laissez-faire philosophies. Option A incorrectly attributes the phrase to the women's liberation movement rather than classical economics. Option B misattributes the quote to Karl Marx, who actually advocated for state or collective control of production. Option D incorrectly ties laissez-faire to Keynesian economics, whereas Keynes advocated for active government intervention.
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