Laissez-faire economics is defined by the Business Dictionary as one of the guiding principles of capitalism; this doctrine claims that an economic system should be free from government intervention or moderation, and be driven only by the market forces. Laissez-faire is an ideal economic practice because it allows for business owners, entrepreneurs, and others to succeed without having to shoulder infringements from big government.
Adam Smith, founder of laissez-faire economic theory, believed that human beings are innately driven by self interest and would eventually succeed in their economic endeavors with minimal intervention. Smith’s notion is quite reputable and directly aligns with the behaviors of many human beings; countless individuals are innately driven by abstract forces like ambition and enterprise. By ceasing to interfere with one’s economic ventures, the person is permitted to grow, learn, and eventually achieve maximum success. Laissez-faire greatly values capitalism, personal choice, and economic freedom, which classifies as a natural extension of libertarianism.
According to reports from Biz Journal, some of the greatest burdens on American businesses are the federal tax code and Obamacare. Income taxes, payroll taxes, and reporting requirements place a considerable strain on enterprises; 33% of small businesses have spent more than 80 hours annually on federal taxes in addition to paying more than $5,000 to accountants and tax practitioners. Imagine the plethora of other ways entrepreneurs could devote such sizable time and money to advance their companies and maximize their success. The enactment of laissez-faire economic policy would help businesses thrive and significantly decrease wasted funds, time, and energy.
In order for self-employed persons to thrive in a laissez-faire economy, the production of goods and services in high demand is essential. Laissez-faire thrives on the free market and consumerism. To attract clients, manufacturers and independent contractors must identify their ideal customer base, employ strategic marketing tactics, know their businesses, and deliver excellence. Success is attainable for those who consistently demonstrate their willingness to work diligently and intellectually. Under laissez-faire, only the best and brightest business-people will prosper and rise to affluence. This is the innate design of the free market.
Accounts from the U.S. Department of State affirmed that Smith’s inclination towards laissez-faire economics was greatly favored among the American people. Laissez-faire is the inherent ally of successful men and women for obvious reasons. Individuals who thrive in business appreciate consumerism and limited government intervention. Unfortunately, history has proven government’s proclivity to punish success via taxation. Democrats have been great enablers of this malpractice via vicious attempts to rob the wealthy to give to impoverished persons. This misguided course of action directly violates the structure of the free market. In business, affluence and prosperity are engendered by fruitful action and the quality of one’s labor.
Laissez-faire economics embody capitalism, the free market, and the prosperity of American businesses. Innovative entrepreneurs, freelancers, and other self-employed persons will greatly benefit under the structure of laissez-faire economics. Self-interest, preparation, and successful execution are critical to prosperity. While big government frequently invades and harms businesses of all sizes, laissez-faire economics will allow self-employed persons to grow exponentially, and in doing so, their rise will inspire the future leaders of generations to come.
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