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Laissez-faire (/ ˌ l ɛ s eɪ ˈ f ɛər / LESS-ay-FAIR; or / l ɑː ˌ s ɛ z ˈ f ɛ. j ə r /, from French: laissez faire [lɛse fɛːʁ] ⓘ, lit. ' let do ' ) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations ).
The freedom to contract is the underpinning of laissez-faire economics and is a cornerstone of free-market libertarianism. The proponents of the concept believe that through "freedom of contract", individuals possess a general freedom to choose with whom to contract, whether to contract or not, and on which terms to contract.
The Lochner era was a period in American legal history from 1897 to 1937 in which the Supreme Court of the United States is said to have made it a common practice "to strike down economic regulations adopted by a State based on the Court's own notions of the most appropriate means for the State to implement its considered policies". [1]
His dissertation was titled “Mercantilism and Laissez Faire in American Political Discussion”. He worked as a journalist before joining the University of Illinois, where he taught from 1947 to 1980. In 1980 he became professor emeritus and also a visiting professor of social science at the University of Chicago.
Uniquely positioned at a crossroads in American history, Tocqueville's Democracy in America attempted to capture the essence of American culture and values. Although a supporter of colonialism, Tocqueville could clearly perceive the evils that black people and natives had been subjected to in the United States.
The Libertarian Party (LP) is a libertarian political party in the United States that promotes civil liberties, non-interventionism, laissez-faire capitalism, and limiting the size and scope of government.
Journal of American History 1969 55(4): 823–832. ISSN 0021-8723 Fulltext in Jstor. Sumner has usually been considered a dogmatic defender of laissez-faire and of conservative social Darwinism. But an examination of his unpublished essay of 1909, "On the Concentration of Wealth" (here published in full), reveals that his earlier views were ...
The influence of American individualistic thought extends to government regulation as well. Areas of the country which were part of the American frontier for longer, and were therefore more influenced by the frontier experience, were found to be more likely to be supportive of Republican candidates, who often vote against regulations such as ...