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 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-3: -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-4: -Supporters of laissez-faire economics believe the government should not interfere in the economy other than to protect private property rights and maintain peace. The United States lacked the natural resources industrialization in the 1800s depended upon, including water, timber, coal, iron, and copper.

Detailed explanation-5: -Marx wanted to end the market, which he saw as deeply oppressive. But the market, at least in theory, can be self-regulating – laissez-faire. If rational individuals pursue their self-interests in a context of private property, social order will emerge from supply and demand and government can be limited.