Why did Jefferson pursue a laissez-fair economic system in the United States?
There were a few reasons why Thomas Jefferson pursued a laissez-faire economic system in the United States.
Firstly, Jefferson believed in the principles of limited government intervention and individual freedom. He saw the government's role as protecting individual rights and promoting free trade, rather than intervening in economic affairs. He believed that private individuals and businesses should be free to pursue their own economic interests without excessive government interference.
Secondly, Jefferson viewed a laissez-faire system as promoting economic growth and prosperity. He believed that if the government did not heavily regulate or control economic activity, it would encourage competition and innovation, leading to increased wealth and opportunity for all. He argued that free markets would allow for the natural self-regulation of the economy and that government intervention would only hinder economic progress.
Additionally, Jefferson was influenced by the ideas of the Scottish philosopher Adam Smith, who advocated for a free-market economy and coined the term "laissez-faire." Smith's book, "The Wealth of Nations," outlined the benefits of free trade and argued against government intervention in economic affairs. Jefferson embraced many of Smith's ideas and sought to implement them in the United States.
Overall, Jefferson pursued a laissez-faire economic system because he believed in the principles of limited government, individual freedom, economic growth, and the ideas put forth by Adam Smith.