Final answer:
Libertarians favor a laissez-faire economy with minimal government intervention. They prioritize individual economic freedoms, low taxes, private property rights, and oppose most welfare state provisions or economic regulations.
Step-by-step explanation:
The general stance of libertarians toward the welfare state and economic regulations is one that favors limited government intervention. Libertarians believe in personal responsibility, low taxes, and the rights of individuals to make economic decisions without governmental interference. This ideology supports a laissez-faire economy and is critical of the welfare state because it represents a redistribution of income and interference in personal economic freedom. For libertarians, the government's role should be minimal, focusing on protecting individual rights and providing defense. They oppose expansion of governmental programs, such as Obamacare, and strive to minimize government's growth into new areas, while supporting private property rights and international free trade.
Moderate economic libertarians may accept some aspects of government intervention such as Medicare and Medicaid, but remain against further expansion of social programs. Libertarians advocate for the right to travel internationally to sell one's labor, the movement of property overseas for economic gain, and low barriers for companies to operate. Their contention is that self-monitoring and self-regulating market mechanisms, as in a private goods market, function more effectively than government-operated systems, and thus, government actions, especially regarding the economy, should be minimal.