The political philosophy that advocates for minimal state intervention in economic affairs is known as libertarianism. This ideology emphasizes individual freedom, personal responsibility, and voluntary exchange, positing that the government's role should be limited primarily to protecting property rights and maintaining order. Libertarians argue that less government intervention fosters innovation and economic growth, encouraging individuals to pursue their interests without excessive regulation. The philosophy promotes free markets as the optimal means for allocating resources and creating prosperity, advocating for policies that reduce taxation and eliminate bureaucratic obstacles to personal and economic liberty.