Definition of Laissez-faire:
Laissez-faire is an economic theory from the 18th century that opposed any government intervention in business affairs. The driving principle behind laissez-faire, a French term that translates as "leave alone" (literally, "let you do"), is that the less the government is involved in the economy, the better off business will be—and by extension, society as a whole. Laissez-faire economics are a key part of free market capitalism.
French for, allow to pass; let go.
See laissez-faire economics.
The underlying beliefs that make up the fundamentals of laissez-faire economics include, first and foremost, economic competition constitutes a "natural order" that rules the world. Because this natural self-regulation is the best type of regulation, laissez-faire economists argue that there is no need for business and industrial affairs to be complicated by government intervention. As a result, they oppose any sort of federal involvement in the economy, which includes any type of legislation or oversight; they are against minimum wages, duties, trade restrictions, and corporate taxes. In fact, laissez-faire economists see such taxes as a penalty for production.
A policy or attitude of letting things take their own course, without interfering.
How to use Laissez-faire in a sentence?
- I support laissez-faire capitalism, I think that the government should stay out of the economy because when they get involved all sorts of problems and difficulties arise from their inept bureaucracy.
- The theory of laissez-faire was developed by the French Physiocrats during the 18th century.
- While traditionally regarded in a positive light, more scrutiny is being placed upon the free market theory of laissez-faire economics as income inequality intensifies.
- A laissez-faire attitude to life.
- The newly-appointed finance minister pursued a laissez-faire economic policy by reducing regulations on industry and banking, cutting government incentives, and removing restrictions on trade and commerce.
- Laissez-faire is an economic philosophy of free market capitalism.
- Later free market economists built on the ideas of laissez-faire as a path to economic prosperity, though detractors have criticized it for promoting inequality.
Meaning of Laissez-faire & Laissez-faire Definition