According to ________________ theory, each individual gives up some liberties and, in return, is protected from others who have their liberties restricted as well.​

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BriM19
The correct answer is Social Contract Theory.

Social Contract Theory speaks about the different views that individual's ethical and/or political obligations are structured upon an agreement or a so called, contract. Among them to form the society wherein they live. It is believed to be as old as Philosophy itself.