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 does laissez faire mean?

Laissez faire definition: the theory or system of government that upholds the autonomous character of the economic order, believing that government should intervene as little as possible in the direction of economic affairs.. See examples of LAISSEZ FAIRE used in a sentence.

What does it mean if a government is laissez-faire?

If a government is laissez-faire, it does not have many laws and rules that control the buying and selling of goods and services. You can also find related words, phrases, and synonyms in the topics: Those who subscribe to absolute laissez-faire economics, or no government regulation, are sometimes referred to as economic anarchists.