USA HISTORY

Detailed explanation-1: -The driving principle behind laissez-faire, a French term that translates to “leave alone” (literally, “let you do"), is that the less the government is involved in the economy, the better off business will be, and by extension, society as a whole. Laissez-faire economics is a key part of free-market capitalism.

Detailed explanation-2: -The goal of a free market is to allow everyone to compete in order to provide the most desirable goods and services at the lowest prices. In a laissez-faire economy the strongest and most powerful people or corporations want to control the market and prevent the majority from playing.

Detailed explanation-3: -Laissez-faire is the belief that economies and businesses function best when there is no interference by the government.

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.