in the wealth of nations (1776), adam smith made all of the following arguments for laissez-faire capitalism, except that the government should not be allowed any role whatsoever in the economy.
Laissez-faire is a free-market, capitalist economic theory that rejects government interference. The French Physiocrats, who lived in the 18th century, created the laissez-faire ideology. According to proponents of laissez-faire, government involvement in industry and markets hinders economic progress.
Additionally, from a sociological perspective, laissez-faire represents a risky application of the feedback principle. Riches is an entitlement to continue to amass wealth, which eventually causes it to become concentrated in a smaller and smaller number of hands.
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