The French phrase laissez faire literally means “allow to do,” with the idea being “let people do as they choose.” The origins of laissez-faire are associated with the Physiocrats, a group of 18th-century French economists who believed that government policy should not interfere with the...
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 FAIR
The laissez-faire theory mainly advocates government non-intervention. Economic theoristAdam Smithbelieved that the optimal functioning of markets needed minimal government intervention. However, Smith did raise concerns about the drawbacks of the theory, particularly in relation to the possibility of creati...
lais•sez faire (ˌlɛs eɪ ˈfɛər) n. 1. 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. 2. the practice or doctrine of...
laissez-faire noun /ˌleseɪ ˈfeə(r)/ /ˌleseɪ ˈfer/ [uncountable] (from French) the policy of allowing private businesses to develop without government controlTopics Moneyc2 Word Origin Questions about grammar and vocabulary? Find the answers with Practical English Usage online...
laissez-faire (redirected fromLaissez faire, laissez passer) Thesaurus Financial Encyclopedia alsolais·ser faire(lĕs′ā fâr′, lā′zā) n. 1.An economic doctrine that opposes governmental regulation of or interference in commerce beyond the minimum necessary for a free-enterprise system to op...
The meaning of LAISSEZ-FAIREISM is the doctrine of laissez-faire. How to use laissez-faireism in a sentence.
From Longman Dictionary of Contemporary Englishlais‧sez-faire,laisser-faire/ˌleseɪ ˈfeə, ˌleɪ-$-ˈfer/noun[uncountable]1theprinciplethat thegovernmentshouldallowtheeconomyorprivatebusinessestodevelopwithout anystatecontrolorinfluencethe policy of laissez-fairelaissez-faire economics/capitali...
Laissez-faire is an economic theory dating back to the 18th century that opposes any government intervention in business affairs. The driving principle behind laissez-faire economics is that the less the government is involved in the economy, the better off business, and society as a whole, will...
A term describing aneconomic theorythat promotes government non-intervention. Laissez-faire theory states that most government interventions make aneconomylessefficientand hampergrowth. According to this, government ought to restrict itself to safeguarding the right to privateproperty. In its extreme form,...