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: -From the French for “let them do [what they will], ” proponents of laissez-faire policies, known as liberals, believed that the free market would naturally produce the best and most efficient solutions to economic and social problems.

Detailed explanation-3: -What does laissez-faire rely on to regulate prices and wages? Laissez-faire relies on supply and demand to regulate wages and prices. Supporters believe that competition promotes efficiency and wealth. They advocate low taxes and limited government debt.

Detailed explanation-4: -In free markets, also called laissez-faire economies, markets operate with little or no regulation.