Economic Liberalism Law and Legal Definition
Economic liberalism refers to an economic philosophy that supports and promotes laissez-faire economics and private property in the means of production. It is the economic component of classical liberalism. The highest aim of economic liberalism is efficiency. The supporters of economic liberalism believe that if everyone is left to their own economic devices instead of being controlled by the state, the result would be a harmonious and more equal society of ever-increasing prosperity.
Legal Definition list
Related Legal Terms
- Acute Economic Need
- Bureau of Economic Analysis
- Bureau of Economic, Energy, and Business Affairs [EEB] [Department of State]
- Centre of Predominant Economic Interest
- Classical Liberalism
- Community and Economic Development Entity (CEDE)
- Consequential Economic Loss
- Constitutional economics
- Council of Economic Advisers [CEA]
- Crop of Economic Significance
