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: -Laissez-faire is a policy of minimum governmental interference in the economic affairs of individuals and society. The doctrine of laissez-faire is usually associated with the economists known as Physiocrats, who flourished in France from about 1756 to 1778. The term laissez-faire means, in French, “allow to do.”

Detailed explanation-3: -The Theory of Laissez Faire was invented by Adam Smith.

Detailed explanation-4: -The core tenet of laissez-faire, a French phrase that means “leave alone” (literally, “let you do"), is that the less the government interferes with the market, the better off business will be, and consequently, society as a whole. During the 18th century, the French Physiocrats created the laissez-faire philosophy.

Detailed explanation-5: -Laissez faire works best for economic growth because it provides individuals with the greatest incentive to create wealth. Under laissez-faire capitalism, you cannot wrap a robe around you, put a crown on your head, and demand that people give you money.