What term describes the economic and governmental philosophy advocating for minimal state intervention in the economy?

The term that best describes the economic and governmental philosophy advocating for minimal state intervention in the economy is capitalism. In a capitalist system, private individuals or businesses own capital goods, and production and pricing are determined by free markets rather than by the state. This philosophy emphasizes individual entrepreneurship, competition, and a limited role for government in economic matters, aligning with the idea that minimal intervention leads to increased efficiency and innovation.

In contrast, socialism typically advocates for more government control and redistribution of wealth to ensure social equity. Communism goes even further, promoting a classless society where all property is publicly owned and each person works and is paid according to their abilities and needs. Fascism, on the other hand, combines authoritarian governance with state control over certain aspects of life, including the economy, but does not adhere to the principles of minimal state intervention that define capitalism. Thus, capitalism distinctly supports the notion of a free market with minimal government interference, making it the correct answer.