USA HISTORY

Detailed explanation-1: -laissez-faire, (French: “allow to do”) policy of minimum governmental interference in the economic affairs of individuals and society.

Detailed explanation-2: -Delighted with the Colbert–Le Gendre anecdote, he forged it into a larger maxim all his own: “Laissez faire et laissez passer” ("Let do and let pass"). His motto has also been identified as the longer “Laissez faire et laissez passer, le monde va de lui même !” ("Let do and let pass, the world goes on by itself!").

Detailed explanation-3: -Capitalist economy(where capital goods are owned by private individuals) follows a ‘Laissez-faire’ economy. The production of goods and services are determined by the free play of demand and supply forces in the market.It is also known as market economy.

Detailed explanation-4: -Often, laissez-faire capitalism is also referred to as free market capitalism or market capitalism. Simply put, laissez-faire translates to “leave us alone” meaning that the government should remain out of the economy and instead allow individuals to freely carry out their own economic affairs.

Detailed explanation-5: -The phrase is traditionally attributed to French businessman M. Le Gendre from when he responded to a Mercantilist minister, Jean-Baptiste Colbert. The laissez-faire theory mainly advocates government non-intervention.