Choose the given statement as true/false:

In the economic sphere, Liberalism stood for the abolition of markets and added restrictions on the movement of goods and capital.

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True

False

answer is B.

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Detailed Solution

The statement mentioned above is false. Liberalism in economic terms is also known as "economic liberalism". It is a helpful term to describe theories from the seventeenth and eighteenth centuries that defended the right of the individual to engage in free trade, employment, and the free exchange of goods and services without interference from the state. The French idiom of the time, laissez-faire, which roughly translates to "leave people alone", sums up economic Liberalism's overall philosophy. According to this idea, people should be left alone since their vested interests in the market self-regulate under the guidance of natural economic laws, which are much more beneficial to social well-being than governmental regulations. Therefore, economic Liberalism was exemplified by European pamphleteers of the seventeenth century, who opposed governmental restrictions on trade and interest rate regulation.
The correct statement would be In the economic sphere, Liberalism did not stand for the abolition of markets and added restrictions on the movement of goods and capital.

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