What economic philosophy promotes private property and minimal government interference?

The economic philosophy that promotes private property and minimal government interference is rooted in laissez-faire principles. This approach advocates for an open market where individuals can engage in trade and business freely, without excessive regulation or intervention from the government. Proponents of laissez-faire economics believe that the unregulated market will best allocate resources, reward innovation, and encourage competition, ultimately leading to greater prosperity.

Laissez-faire emphasizes the rights of individuals to own and control property, which is fundamental to capitalism. It views government interference as a potential hindrance to economic growth and personal freedoms, advocating instead for a system where the market operates according to supply and demand.

The other options present contrasting principles. Socialism, for instance, involves collective or governmental ownership of property and production means to ensure wealth distribution among the populace. Feudalism is characterized by a rigid hierarchical system with land ownership tied to social class, and communism advocates for a classless society where all property is publicly owned and each person works and is paid according to their abilities and needs. In stark contrast, laissez-faire champions individualism and economic freedom through minimal government intrusion.