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Proponents of laissez-faire argue for a near complete separation of government from the economic sector. [5] [verification needed] The phrase laissez-faire is part of a larger French phrase and literally translates to "let [it/them] do", but in this context the phrase usually means to "let it be" and in expression "laid back". [6]
In the United States, classical liberalism, also called laissez-faire liberalism, [92] is the belief that a free-market economy is the most productive and government interference favors a few and hurts the many—or as Henry David Thoreau stated, "that government is best which governs least". Classical liberalism is a philosophy of ...
[60] [incomplete short citation] The strongest defender of laissez-faire was The Economist founded by James Wilson in 1843. The Economist criticised Ricardo for his lack of support for free trade and expressed hostility to welfare, believing that the lower orders were responsible for their economic circumstances.
[A]t the center of classical liberal theory [in Europe] was the idea of laissez-faire. To the vast majority of American classical liberals, however, laissez-faire did not mean no government intervention at all. On the contrary, they were more than willing to see government provide tariffs, railroad subsidies, and internal improvements, all of ...
The influence of American individualistic thought extends to government regulation as well. Areas of the country which were part of the American frontier for longer, and were therefore more influenced by the frontier experience, were found to be more likely to be supportive of Republican candidates, who often vote against regulations such as ...
Historian Kathleen G. Donohue argues that classical liberalism in the United States during the 19th century had distinctive characteristics as opposed to Britain: "[A]t the center of classical liberal theory [in Europe] was the idea of laissez-faire. To the vast majority of American classical liberals, however, laissez-faire did not mean no ...
A significant political reaction against the changes introduced by industrialisation and laissez-faire capitalism came from one-nation conservatives concerned about social balance and the introduction of the famous Education Act 1870. However, socialism later became a more important force for change and reform.
The dependence of laissez-faire on global hegemony is a complicated problem because this is the field where political leaders need negotiation to keep their political power for two main purposes. They need to maintain both the protection of the position of the nation within the international state system and the effective function of the ...