Final answer:
Libertarians advocate for minimal government regulation in markets and personal lives, relying on laissez-faire economics and personal liberties. They believe in individual responsibility and the protection of property rights, with a government role focused on safeguarding individual rights and national defense.
Step-by-step explanation:
Libertarians indeed favor unfettered markets and generally oppose government regulations, arguing that markets should function with minimal government oversight to achieve economic efficiency. This ideology promotes the principle that individuals are better equipped to make economic decisions without governmental intervention. Moreover, libertarians believe that personal freedom and responsibility should prevail in economic matters, and that the government's role should be limited to protecting individual rights and ensuring national defense.
Central to libertarianism is the concept of laissez-faire economics, which advocates for free markets to operate without government-imposed restrictions, allowing supply and demand to naturally regulate prices, wages, and production levels. This economic philosophy was notably active in the United States before the Great Depression, when business activities faced few regulations. However, historical events have shown that some level of regulation may be necessary to prevent monopolies, ensure fair competition, and protect consumer rights, as seen during the era of President Theodore Roosevelt's trust-busting policies.
Libertarian beliefs also extend to social policies, where they support individual liberties and oppose government involvement in personal behaviors and lifestyle choices.