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liberal political-economic systems is based on the importance of capitalism and a laissez-faire approach to economic regulation.
Which political economic system is based on the importance of capitalism?
The production of goods and services under capitalism is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy. The purest form of capitalism is free market or laissez-faire capitalism.
What is the system of laissez-faire capitalism?
Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention. The theory of laissez-faire was developed by the French Physiocrats during the 18th century. Laissez-faire advocates that economic success is inhibited when governments are involved in business and markets.
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