LAISSEZFAIRE

Laissez-faire

Laissez-faire is an economic environment in which transactions between private parties are free from government restrictions, tariffs, and subsidies, with only enough regulations to protect property rights. The phrase laissez-faire is French and literally means "let 1 do", but it broadly implies "let it be," "let them do as they will," or "leave it alone".

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laissez faire

Noun

  1. A policy of governmental non-interference in economic affairs.
  2. A policy of non-interference by authority in any competitive process.

Adjective

  1. Practicing or representing governmental noninterference, or minimal interference, especially in economic affairs; pertaining to free-market capitalism.
    I think the city should take a laissez faire approach to this; getting involved would only make things worse.
  2. Advocating such noninterference.
    The Senator claims to be laissez faire, but he voted in favor of the subsidies.
  3. Resulting from such noninterference.
    The price ceiling was well below the laissez faire price that demand would have supported, so there were always shortages.
  4. Avoiding interference in other people's affairs; choosing to live and let live.


The above text is a snippet from Wiktionary: laissez faire
and as such is available under the Creative Commons Attribution/Share-Alike License.

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