Liberalism in Economic Philosophy focusing on the roles of individuals and the state, influenced by Adam Smith.
The Role of the Individual: Individuals should be free to acquire property and operate without governmental control, as believed by Adam Smith.
The Role of the State: The state's participation should be minimal in a free-market economy, allowing the 'invisible hand' to guide market exchanges, according to Smith and liberal economists.
Requirements: A legal order enabling individuals to make choices and function in the market system should be established, as suggested by Karl Polanyi's insights.
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