Monday, August 17, 2015

Laissez-Faire and Freedom

The term 'laissez-faire' is commonly conceived to connote individual freedom in a Capitalist system. However, to the contrary, it is an expression of submission in it. For, as can be observed when it is usually invoked, it is in response to some potential government action the target of which is a perceived ill, such as income inequality, toxic industrial waste products, etc., i. e. the response is to let 'market forces' correct any problem. In other words, "laissez-faire" is invoked to protect specifically those forces, in order to let them correct the problem themselves, a prescription deriving from Smith's principle that an individual pursue only self-interest, and let the invisible Hand take care of other problems. In other words, the fundamental principle of Laissez-Faire Capitalism is the submission of individuals to market forces, a submission from which Socialism is a liberation.

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