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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 ).
This ideology, which Lipset called "Americanism", but is often also referred to as "American exceptionalism", is based on liberty, individualism, republicanism, democracy, meritocracy, and laissez-faire economics; these principles are sometimes collectively referred to as "American exceptionalism". [6] [7]
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.
In the United States, classical liberalism, also called laissez-faire liberalism, [92] is the belief that a free-market economy is the most productive and government interference favors a few and hurts the many [original research?] —or as Henry David Thoreau stated, "that government is best which governs least". Classical liberalism is a ...
Critics considered laissez-faire, which essentially equated to liberal individualism, as not conducive to the fostering of upward mobility in society. Associationalism, as opposed to liberal individualism, embodies a deliberate commitment to social cooperation as well as public well-being.
A rigid belief in laissez-faire guided the government response in 1846–1849 to the Great Famine in Ireland, during which an estimated 1.5 million people died. The minister responsible for economic and financial affairs, Charles Wood , expected that private enterprise and free trade, rather than government intervention, would alleviate the ...
Rugged individualism, derived from individualism, is a term that indicates that an individual is self-reliant and independent from outside (usually government or some other form of collective) assistance or support.
Laissez-faire, or free market capitalism, is an ideology that prescribes minimal public enterprise and government regulation in a capitalist economy. [51] This ideology advocates for a type of capitalism based on open competition to determine the price , production and consumption of goods through the invisible hand of supply and demand ...