The Laissez-Faire Revolution

The Laissez-Faire Revolution refers to a shift in economic thought during the 18th and 19th centuries advocating for minimal government intervention in markets. Originating from Enlightenment ideas, it emphasized free competition and individual entrepreneurship as drivers of prosperity. Thinkers like Adam Smith argued that when individuals are free to pursue their interests, the economy thrives through natural self-regulation. This concept influenced capitalism, promoting the idea that markets function best when left alone, thus transforming economies and leading to modern economic practices that prioritize personal freedom and limited government control in business affairs.