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The Ideology of the Laissez Faire Program

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  • John F. Henry

Abstract

Over the last 35 years, a free market, laissez faire program has increasingly dominated perceptions as to what constitutes correct economic theory and policy. Most adherents of this program trace its origins to Adam Smith, and claim that its dominant position is the result of superior theory.The argument here is that Adam Smith is not the theoretical ancestor of modern laissez faire economics, and that there are fundamental differences between Smith’s position on laissez faire and that of conventional neoclassical theory. A difference between “soft” and “hard” laissez faire is made, where Smith represents the former position; neoclassical theory the latter. Further, and more important, it is argued that the current laissez faire program is an outgrowth of a political program instituted in the 1930’s and financially supported in the present era by conservative foundations to promote an ideological framework that permits the development of specific governmental (and non-governmental) actions.

Suggested Citation

  • John F. Henry, 2008. "The Ideology of the Laissez Faire Program," Journal of Economic Issues, Taylor & Francis Journals, vol. 42(1), pages 209-224, March.
    • Handle: RePEc:mes:jeciss:v:42:y:2008:i:1:p:209-224
    DOI: 10.1080/00213624.2008.11507122
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    Cited by:

    1. Nilson de Paula & Huáscar Pessali, 2014. "Agricultural Trade Negotiations and the Challenges of Food Security," Agrarian South: Journal of Political Economy, Centre for Agrarian Research and Education for South, vol. 3(3), pages 313-335, December.
    2. Zaman, Khalid, 2023. "Navigating the Paradox of Democracy and Military Control: An Analysis of an Imaginary Country's Political Landscape," MPRA Paper 116366, University Library of Munich, Germany, revised 14 Feb 2023.
    3. Dan Friesner, 2024. "Is the Prisoner’s Dilemma an Adequate Concept for Ethical Analysis in Healthcare? An Original Institutional Economic Rejoinder," Journal of Business Ethics, Springer, vol. 193(2), pages 383-391, August.

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