THE END OF LAISSEZ-FAIRE

has-been the view of all leading economists.Some of the most important work of AlfredMarshall —to take one instance—was directedto the elucidation of the leading cases in whichprivate interest and social interest are notharmonious. Nevertheless the guarded andundogmatic attitude of the best economistshas not prevailed against the general opinionthat an individualistic laissez-faire is bothwhat they ought to teach and what in factthey do teach.

may be most effectually promoted, by the simple processof leaving people to themselves ; leaving individuals,that is to say, to follow the promptings of self-interest,unrestrained either by the State or by public opinion,so long as they abstain from force and fraud. This isthe doctrine commonly known as laissez-faire; andaccordingly political economy is, I think, very generallyregarded as a sort of scientific rendering of this maxim—a vindication of freedom of individual enterprise and ofcontract as the one and sufficient solution of all industrialproblems.”