Laissez-Faire is an economic philosophy that advocates for minimal government intervention in the economy. It promotes a free market system where individuals and businesses are allowed to operate without excessive regulations or restrictions.
Related terms
Free Market: A free market is an economic system where prices for goods and services are determined by supply and demand, with little to no government control.
Invisible Hand: The concept of the invisible hand refers to the idea that individual self-interests can lead to positive outcomes for society as a whole, through the operation of the free market.
Deregulation: Deregulation refers to reducing or removing government regulations on industries or sectors of the economy, allowing more freedom for businesses to operate.