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: -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.

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: -A laissez-faire economy is thus characterized by the free movement of forces of supply and demand, free from any form of intervention by a government, a price-setting monopoly, or any other authority.