USA HISTORY

Detailed explanation-1: -Laissez-faire is a policy of minimum governmental interference in the economic affairs of individuals and society.

Detailed explanation-2: -In laissez-faire policy, the government’s role is to protect the rights of the individual, rather than regulating business in any way. The term ‘laissez-faire’ translates to ‘leave alone’ when it comes to economic intervention. This means no taxes, regulations, or tariffs.

Detailed explanation-3: -What is an example of laissez-faire policy? An example of laissez-faire economics is where nations remove all trade barriers. For example, most nations levy a tax on imported goods, usually at varying rates depending on the product. Laissez-faire economics removes such barriers and instead allows the market to decide.

Detailed explanation-4: -A laissez-faire economy gives businesses more space and autonomy from government rules and regulations that would make business activities harder and more difficult to proceed. Such an environment makes it more viable for companies to take risks and invest in the economy.

Detailed explanation-5: -As the subcontinent was struck by a number of severe famines, the colonial administration chose a response based on strict principles of laissez-faire. This meant a reliance on market forces, and a stance of government non-intervention, even as millions of Indians starved to death.