Teori Laissez Faire dan Relevansinya Dalam Perspektif Ekonomi Islam
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Abstract
Classical economic thought pioneered by Adam Smith through the concept of Laissez Faire stands as one of the key milestones in the history of modern economic theory. This study aims to examine in depth the concept of Laissez Faire, which emphasizes individual freedom and minimal government intervention in economic activities, as well as its relevance to contemporary economic developments, particularly within the context of Islamic economics. This research employs a qualitative-descriptive approach using a literature study method that analyzes Adam Smith’s classical works, such as The Wealth of Nations, along with modern literature on free-market economics. The findings indicate that the Laissez Faire theory highlights market efficiency through the mechanism of the “invisible hand,” which is believed to naturally regulate economic balance without excessive government interference. However, from the perspective of Islamic economics, such freedom must be bounded by moral principles and social justice to prevent inequality and exploitation. This study emphasizes the importance of synthesizing market freedom with Islamic ethical values in building an equitable and sustainable economic system.
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