Refers to an economic theory derived from political liberalism, emerged during the Enlightenment in the 18th century. It asserts that the economy gives the best results for society as a whole when there is no state intervention. The father of economic liberalism, Adam Smith, argued that the market regulates itself, through an invisible hand that regulates the economy and the forces of supply and demand. The state only intervenes as a defender of this economic freedom.
« Back to Glossary IndexEconomic liberalism
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