As I understand it, Laissez-faire ideology maintains that the "free market" is the best way to determine what businesses can and should do. This means that businesses, in competition with one another, should be free to determine their paths free from any government rules or regulations. The belief is that the competition among various businesses will ultimately result in the best outcomes for society in general - Adam Smith's "invisible hand". As part of this philosophy, workers should also be free to compete with each other and choose to work wherever they wish and this process will also result in the best results for the workers as well.
However, isn't there a huge assumption in this philosophy? Doesn't the whole justification of this belief depends on the condition that there is perfect competition and that any company and any worker have the equal ability to compete with one another?
What if there is no perfect competition? What if some companies have advantages - due to any of a whole array of reasons - that place them in a non-competitive position vis a vis their competitors? Without perfect competition then other companies are not necessarily able to compete with other companies that have certain advantages. If such a situation exists, then advantaged companies may have the ability to pursue a course that results in their private benefit, but not necessarily to the benefit of society as a whole. The same would apply to workers in that reduced competition among companies would result in decreased leverage for potential employees.
To recap, if the Laissez-faire ideology maintains the best economic policy for society as a whole, and it depends on there being perfect competition on an ongoing basis with minimal government intervention, doesn't it fall apart if there is less than the perfect competition?
Raphael, Italian in full Raffaello Sanzio or Raffaello Santi, (born April 6, 1483, Urbino, Duchy of Urbino [Italy]—died April 6, 1520, Rome, Papal States [Italy]), master painter and architect of the Italian High Renaissance. Raphael is best known for his Madonnas and for his large figure compositions in the Vatican.
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The population of California grew significantly, largely due to servicemen who were stationed at the new military bases/training facilities and mass influx of workers from around the U.S. in the growing defense industries. ... Over 500,000 people moved to California from other states to work in the growing economy.
Without big farms to run, the people in the North did not rely on slave labor very much. In the South, the economy was based on agriculture. ... The North wanted the new states to be “free states.” Most northerners thought that slavery was wrong and many northern states had outlawed slavery.
