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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.
In 1946, Leonard E. Read founded the Foundation for Economic Education (FEE), an American nonprofit educational organization which promotes the principles of laissez-faire economics, private property and limited government. [187] According to Gary North, the FEE is the "granddaddy of all libertarian organizations". [188]
[2] [14] [15] Right-libertarian philosophy is also rooted in the ideas of individual rights and laissez-faire economics. The right-libertarian theory of individual rights generally follows the homestead principle and the labor theory of property, stressing self-ownership and that people have an absolute right to the property that their labor ...
Liberal People's Party: 1992–2017 Norway: Classical liberalism Laissez-faire Objectivism: Libertarian Party [31] 2015–2020 Poland: Anarcho-capitalism Minarchism: Real Politics Union [3] 1990–2011 Poland: Classical liberalism Euroscepticism: Russian Libertarian Movement: 2003–2006 Russia: Classical liberalism: Libertarian Municipal ...
Although laissez-faire has been commonly associated with capitalism, there is a similar economic theory associated with socialism called left-wing or socialist laissez-faire, also known as free-market anarchism, free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism.
Image credits: Footlingpresentation #10. There was an article in Norway some years back asking rich people how they saved money. I think this was after the 2008 financial crisis.
In 1956, Schlesinger said that liberalism in the United States includes both a laissez-faire form and a government intervention form. He holds that liberalism in the United States is aimed toward achieving equality of opportunity for all, but it is the means of achieving this that changes depending on the circumstances.