Economic Liberalism
Economic Liberalism is an economic theory that emphasizes the importance of free markets, individual entrepreneurship, and minimal government intervention in the economy. It advocates for the idea that when individuals are free to pursue their own economic interests, it leads to greater efficiency, innovation, and overall wealth creation.
This approach often supports policies such as free trade, deregulation, and privatization. Proponents believe that competition among businesses fosters better products and services, benefiting consumers. Key figures associated with this ideology include Adam Smith, whose work laid the foundation for modern economic thought, particularly through his concept of the "invisible hand."