Final answer:
The student's question refers to Neoliberalism, an approach that champions a reduced government role, focuses on free-market economics, and upholds laissez-faire principles.
Step-by-step explanation:
The economic and social approach described in the student's question, which advocates for a reduced role for government and an unrestrained free market economy, aligns with the principles of Neoliberalism. This ideology favors laissez-faire economics, a theory where market forces are left alone to drive the economy without government intervention. Neoliberalism supports policies that orient the economy towards free-market economics, with the assumption that individual self-interest and rational decisions will lead to efficient and beneficial outcomes for society as a whole.
Historically, a laissez-faire approach meant that private investors were trusted to lead economic growth, without government interference in areas such as quality controls or health and safety standards. The idea was that economic cycles of growth and contraction would naturally correct themselves. This philosophy has evolved into modern neoliberalism, which, while often associated with conservatism, focuses on the liberties and powers of corporations and seeks to reduce government economic control and protectionist policies.