USA HISTORY

Detailed explanation-1: -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.

Detailed explanation-2: -In capitalism, businesses are owned by private individuals, and these business owners (i.e., the capitalists) hire workers in return for wages or salary. In such an economy, the government serves no role in regulating or supporting markets or firms.

Detailed explanation-3: -Mixed Economy. A mixed economy is a perfect marriage between a command economy and a free market economy. So, by and large, the economy is free of government intervention.

Detailed explanation-4: -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.

Detailed explanation-5: -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.