liquidationism

In Marxist theory, the ideological liquidation (negation) of the revolutionary party program or the hierarchical leadership by party members.

1919, Tomáš Garrigue Masaryk, The Spirit of Russia: Studies in History, Literature and Philosophy, Volume 2, translated from German by Eden and Cedar Paul, page 298. In their endeavour to be a purely proletarian party they penalised the intelligentsia, and the more extreme and radical section among them even demanded that the party should become wholly a mass movement, for leadership, they said, was improper and must be abolished (must be "liquidated," whence this trend was called "liquidationism").

The libertarian belief that no actions to mitigate the effects of recessions should be taken by the government or the central bank, since the liquidation of struggling companies is a solution in itself.