Final answer:
The view that society is best served when business is free from government intervention to produce and market profitable products is known as laissez-faire economics, stemming from principles of free-market economics and championed by thinkers like Adam Smith.
Step-by-step explanation:
The viewpoint that society benefits most when businesses are free to produce and market products without government interference is known as laissez-faire economics. This philosophy champions the principles of free-market economics, where the forces of supply and demand are believed to be the best determinants for the efficient operation of markets. Adam Smith, a key figure in this school of thought, posited that the invisible hand of competition would naturally guide individuals to act in ways that, while serving their own interests, also contribute to society's well-being by producing what is needed most.
Historically, laissez-faire economics reached its peak in the United States during the late 1800s but faced challenges in the early 20th century due to monopolies and diminished competition, which led to increased government regulation. However, advocates of free-market economics continue to believe in minimal government intervention, arguing that market self-regulation through private measures is more effective than public policy in regulating trade and protecting the value of goods and services.