CLASSICAL POLITICAL-ECONOMIC THEORIES: ECONOMIC LIBERALISM AND ITS ESSENCE

The development of classical political economy has played a significant role in shaping modern economic thought. Among the most influential theories is economic liberalism, which advocates for minimal government interference in markets and emphasizes individual freedoms. This paper explores the concept of economic liberalism, its historical development, key proponents, and its relevance in today's economic landscape. By examining classical economists such as Adam Smith, David Ricardo, and John Stuart Mill, this article aims to understand the core principles of economic liberalism and its implications for both economic theory and policy.