Laissez-faire

Definition of Laissez-faire

Laissez-faire is an economic concept which was originated from the eighteenth century, which supports the environment of free transaction between two private parties, ignoring government restrictions, tariffs, and subsidies; only maintain the rights of property. The French term “Laissez-faire” is interpreted as ‘Let them do’. But in broader perspectives, it can mean ‘Let it be’ or ‘let them do as they will’ or leave it alone’.

Books on Laissez-faire

Book 1 –

Laissez-Faire Banking By Kevin Dowd (published by Routledge, 2013)

Book 2 –

The Decline of Laissez Faire, 1897-1917 By Harold Underwood Faulkner (published by M.E. Sharpe, 1951)

How Laissez-faire works?

In Laissez-faire, government implies a very minimal regulation of commerce, so that people would do anything without any interference.

• For example, the economic policies which are originated by the capitalist countries can be a good example of Laissez-faire.

• A person plants trees at his back yard without caring about taking permission from the city.

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