Laissez-faire

Definition

Laissez-faire is a French term that translates to "let do" or "leave it be." In economics, it refers to a policy of minimal governmental interference in the economic affairs of individuals and society.

Related terms

Free Market: An economic system where prices are determined by unrestricted competition between privately owned businesses.

Capitalism: An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

Deregulation: The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.