WORLD HISTORY

Detailed explanation-1: -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-2: -Laissez-faire (/ˌlɛseɪˈfɛər/ LESS-ay-FAIR; from French: laissez faire [lɛse fɛʁ] ( listen), lit. ‘let do’) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or transfer payments).

Detailed explanation-3: -A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention.

Detailed explanation-4: -: a doctrine opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights.

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.

Detailed explanation-6: -Laissez-Faire refers to an economic doctrine advocating minimum or no interference from the government in business and economic affairs. It views state intervention as a barrier to the growth and development of an economy. In short, it encourages free-market capitalism based on supply and demand.