Laissez-faire economics - Definition
The
Laissez-faire style of economics means less government regulation and fewer artificial controls of production, buying, selling, trading, and financing. The laissez-faire style of economics clearly promotes the free market. Limited government intrusion is the foundation of such a system, although the concept is less absolute than it once was.
According to historical legend, the phrase stems from a meeting in about 1680 between the powerful French finance minister Jean-Baptiste Colbert and a group of French businessmen led by a certain M. Le Gendre. The Laissez-faire model of economics is embraced by a wide variety of people across the political spectrum. At the same time, it is rejected by those who feel more government regulation is necessary, even if they see regulation as a necessary evil. During the Han, Tang, Song, and Ming dynasties, Chinese scholar-officials would often debate about the interference the government should have in the economy, such as setting monopolies in lucrative industries and instating price controls.
Terms near "Laissez-faire economics"
Ready to Trade!
First you'll need an online broker. See how much you can save by visiting Forexbite Broker Center.
Advertisement