USA HISTORY

Detailed explanation-1: -Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention. The theory of laissez-faire was developed by the French Physiocrats during the 18th century. Laissez-faire advocates that economic success is inhibited when governments are involved in business and markets.

Detailed explanation-2: -3) The ownership of the means of production varies in different socialist theories, as government interference is less in a socialist economy, as a result, to stop the exploitation of consumers laissez-faire policies is used in socialist economy.

Detailed explanation-3: -Laissez-faire leaders have an attitude of trust and reliance on their employees. They don’t micromanage or get too involved, they don’t give too much instruction or guidance. Instead laissez-faire leaders let their employees use their creativity, resources, and experience to help them meet their goals.

Detailed explanation-4: -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-5: -Laissez-faire is the belief that economies and businesses function best when there is no interference by the government.