Economic liberalism and Free market

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Difference between Economic liberalism and Free market

Economic liberalism vs. Free market

Economic liberalism is an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households rather than by collective institutions or organizations. In economics, a free market is an idealized system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.

Adam Smith

Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.

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Capitalism

Capitalism is an economic system based upon private ownership of the means of production and their operation for profit.

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Contract

A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies.

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Economic liberalism

Economic liberalism is an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households rather than by collective institutions or organizations.

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Free trade

Free trade is a free market policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries.

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Georgism

Georgism, also called geoism and single tax (archaic), is an economic philosophy holding that, while people should own the value they produce themselves, economic value derived from land (including natural resources and natural opportunities) should belong equally to all members of society.

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Invisible hand

The invisible hand is a term used by Adam Smith to describe the unintended social benefits of an individual's self-interested actions.

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Laissez-faire

Laissez-faire (from) is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.

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Market economy

A market economy is an economic system in which the decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.

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Neoliberalism

Neoliberalism or neo-liberalism refers primarily to the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism.

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Planned economy

A planned economy is a type of economic system where investment and the allocation of capital goods take place according to economy-wide economic and production plans.

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Socialism

Socialism is a range of economic and social systems characterised by social ownership and democratic control of the means of production as well as the political theories and movements associated with them.

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Spontaneous order

Spontaneous order, also named self-organization in the hard sciences, is the spontaneous emergence of order out of seeming chaos.

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The Wealth of Nations

An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith.

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Welfare

Welfare is a government support for the citizens and residents of society.

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