Economics Laissez Faire Questions
The historical context of the development of laissez-faire economics can be traced back to the 18th century Enlightenment period. During this time, there was a growing emphasis on individual liberty, reason, and limited government intervention. The ideas of philosophers such as Adam Smith, who advocated for free markets and minimal government interference, greatly influenced the development of laissez-faire economics. Additionally, the Industrial Revolution in the 19th century further fueled the belief in laissez-faire economics as it led to increased economic growth and the rise of capitalism. Overall, the historical context of the development of laissez-faire economics can be characterized by a desire for individual freedom and the belief that free markets can lead to economic prosperity.