Final Answer:
The weaker party, influenced by free-market thought, believed that the economy would self-correct.
Step-by-step explanation:
In this context, the phrase "weaker party" likely refers to a participant or entity with less economic power or influence.
The term "free-market thought" suggests an ideology that advocates minimal government intervention in economic affairs, relying on market forces for regulation.
The belief that the economy would "fix itself" aligns with the concept of self-regulating markets, a fundamental tenet of free-market economic theories.
Free-market proponents argue that, in a competitive environment, market forces of supply and demand will naturally lead to equilibrium, with prices and economic conditions adjusting without the need for external interference.
This perspective often assumes that individual actors pursuing their self-interest collectively contribute to a well-functioning and efficient economy.
The weaker party's reliance on the self-correction of the economy reflects a confidence in the market's inherent ability to address imbalances and challenges.
However, it's essential to note that the effectiveness of such self-correction mechanisms can be influenced by various factors, including the nature of the market, the presence of externalities, and the responsiveness of market participants.
While free-market principles have been influential in shaping economic policies, the extent to which economies can entirely self-regulate remains a subject of ongoing debate within the field of economics.