Which social philosophy, dominant during the Industrial Revolution, argued that unhindered economic laws alone guarantee collective welfare and that governments must not interfere with individual pursuits ?
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Answer: C. laissez-faire
Explanation
Laissez-faire theory holds that unhindered economic forces best secure collective welfare without state intervention. The doctrine argues that competitive markets naturally regulate themselves through invisible hands without government rules. Proponents believed that restricting individual commercial pursuits would inevitably damage overall national economic growth. The French phrase laissez-faire translates roughly into English as let people do as they choose. Classical economists like Adam Smith popularized these free-market principles during the early Industrial Revolution era. The philosophy opposed mercantilist trade barriers and excessive regulatory tariffs imposed by absolute monarchs.
This economic ideology justified early capitalist factory expansion and minimal labor regulations during the nineteenth century. Modern debates over market deregulation and corporate taxation often trace their ideological roots to this doctrine. Understanding industrial economic history helps explain modern global trade policies and financial market philosophies. Economic independence refers to personal financial self-sufficiency rather than a macroeconomic theory of state non-interference. The Rights of Man focuses on political liberties and democratic citizenship rather than unhindered capitalist commerce. Enclosure was an agricultural land consolidation process rather than a philosophical doctrine of free-market economics.
- Subject
- English
- Category
- English Literature
- Topic
- —
- Difficulty
- medium
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