USA HISTORY

Detailed explanation-1: -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-2: -Laissez-faire economics is a theory that says the government should not intervene in the economy except to protect individuals’ inalienable rights. In other words, let the market do its own thing. If left alone, the laws of supply and demand will efficiently direct the production of goods and services.

Detailed explanation-3: -Also called: individualism the doctrine of unrestricted freedom in commerce, esp for private interests. (as modifier)a laissez-faire economy.

Detailed explanation-4: -Laissez-faire is the belief that economies and businesses function best when there is no interference by the government. It comes from the French, meaning to leave alone or to allow to do. It is the guiding principle of capitalism and a free market economy.

Detailed explanation-5: -The phrase is traditionally attributed to French businessman M. Le Gendre from when he responded to a Mercantilist minister, Jean-Baptiste Colbert. The laissez-faire theory mainly advocates government non-intervention.