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: -Laissez-faire economics is a theory that says the government should not intervene in the economy except to protect individuals’ inalienable rights. In other words, let the market do its own thing. If left alone, the laws of supply and demand will efficiently direct the production of goods and services.

Detailed explanation-3: -Herbert Hoover. Our 31st president was well-known for having a laissez-faire approach in politics. He used this leadership style as he trusted his teams and their experience and was extremely successful with this leadership approach.

Detailed explanation-4: -In the American Gilded Age (1865-1910), laissez-faire was the dominant economic doctrine of the U.S. government. In layman’s terms, laissez-faire means “allowing you to do as you wish, ” which means the government plays a minimal role in the economy.