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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 other was the political doctrine of laissez-faire economics, namely that all coercive government regulation of the market represents unjustified interference, and that economies would perform best with government only playing a defensive role in order to ensure the operation of free markets.
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.
Similarly disenchanted with regulation on trade inspired by mercantilism, the Frenchman Vincent de Gournay (1712–1759) reputedly asked why it was so hard to laissez faire ("let it be"), laissez passer ("let it pass"), advocating free enterprise and free trade. He was one of the early physiocrats, who regarded agriculture as the source of wealth.
Some historians of economics believe that he coined the phrase laissez faire, laissez passer. [1] Evidence was to be found when the French State parted the East India Company privilege (monopoly) on the slave trade. He is also credited with coining the term "bureaucracy".
This is an accepted version of this page This is the latest accepted revision, reviewed on 10 December 2024. Scottish economist and philosopher (1723–1790) This article is about the Scottish economist and philosopher. For other people named Adam Smith, see Adam Smith (disambiguation). Adam Smith FRS FRSE FRSA Posthumous Muir portrait, c. 1800 Born c. 16 June [O.S. c. 5 June] 1723 Kirkcaldy ...
laissez-faire lit. "let do"; often used within the context of economic policy or political philosophy, meaning leaving alone, or non-interference. The phrase is the shortcut of Laissez faire, laissez passer, a doctrine first supported by the Physiocrats in the 18th century.
[2] In Japan in particular, the term ri, which is the Confucian idea of "order and harmony on human society" also came to represent "the idea of laissez-faire and the rationality of market exchange." [ 2 ] By the 1880s, the slogan "Civilization and Enlightenment" became potent throughout Japan, China, and Korea and was employed to address ...