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What is laissez-faire theory?

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.

What are the consequences of a laissez-faire policy?

In the laissez-faire case, consumption of private goods is highest, but, also, environmental damage is highest, which yields the lowest total utility. A laissez-faire policy, meanwhile, which is the dominant approach at present, results in numerous negative consequences in terms of social inequalities and spatial disparities.

What is a laissez-faire management style?

Those who subscribe to absolute laissez-faire economics, or no government regulation, are sometimes referred to as economic anarchists. If you choose a laissez-faire management style, you give your staff room to make their own decisions.

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