Four Important Merits of Individualism or Individualistic Theory are as follows:
1. Faith in individual:
Individualism has tremendous faith in individual. Society is viewed as nothing but a mere collection of individuals. As J.S. Mill rightly observes, “The only purpose for which power can be rightfully exercised over any member of a civilized community, against his will is to prevent harm to others… Over himself, over his own body and mind, the individual is sovereign.”
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2. Emphasis on liberty and open society:
Liberty is the soul of individualism. It believes in an open society where each individual will have full opportunity to develop his personality It provides ample opportunities for full development of eve individual.
3. Increase of production:
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Industrial production got a powerful impetus from the theory of free trade. Every country in which the industrial revolution took place produced commodities on a large scale. The lure of profit in industry, trade and commerce induced producers to give their best in every field. Industry was thoroughly mechanised, means of transport and communication were improved and all kinds of cheap goods reached the four corners of the world. It resulted in progress and prosperity of mankind..
4. Encouragement of self-reliance:
Individualism encourages self-reliance. It rendered a great service as far as it laid emphasis on the dangers of state-help for the good of the individual and society. “In emphasising self-reliance, in combating needless governmental interference, in urging the value of the individual in society, it has contributed much to the virility of modern thought.”
To sum up, the individualistic theory does not favour the State interference in the sphere of individual activities. Like a night watchman, the only function of the State is to keep a watch on life and property of the individual. Individualism aims at establishing free society with ample freedom and incentives guaranteed to individuals.