laissez faire
Published on Nov 19, 2015
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economic environment in which transactions between private parties are free from intrusive government restrictions, tariffs, and subsidies, with only enough regulations to protect property rights.
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A laissez-faire economic policy does not promote a free-for-all society, in which individuals can abuse fellow citizens to gain an economic advantage.
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Belief in laissez-faire was a popular view during the 19th century; its proponents cited the assumption in classical economics of a natural economic order as support for their faith in unregulated individual activity.
The laissez faire slogan was popularized by Vincent de Gournay, a French Physiocrat and intendant of commerce in the 1750s, who is said to have adopted the term from François Quesnay's writings on China.
Laissez-faire was proclaimed by the Physiocrats in the eighteenth-century France, thus being the very core of the economic principles, and was more developed by famous economists, beginning with Adam Smith.
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Laissez-faire, a product of the Enlightenment, was "conceived as the way to unleash human potential through the restoration of a natural system, a system unhindered by the restrictions of government.
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