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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 ).
Laissez-faire François Quesnay ( French: [fʁɑ̃swa kɛnɛ] ; 4 June 1694 – 16 December 1774) was a French economist and physician of the Physiocratic school. [ 1 ] He is known for publishing the " Tableau économique " (Economic Table) in 1758, which provided the foundations of the ideas of the Physiocrats. [ 2 ]
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.
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 ...
The system works best when there is a complementary relationship between one person's needs and another person's desires, and so trade restrictions place an unnatural barrier to achieving one's goals. Laissez-faire was popularized by physiocrat Vincent de Gournay who is said to have adopted the term from François Quesnay's writings on China. [10]
1926 Laissez-Faire and Communism (New Republic) 1929 Can Lloyd George Do It? (Nation and Athenaeum) 1930 Economic Possibilities for our Grandchildren (Nation and Athenaeum) 1930 The Great Slump of 1930 (Nation and Athenæum) 1931 The End of the Gold Standard (Sunday Express) 1933 The Means to Prosperity (Macmillan and Co.)
[60] [incomplete short citation] The strongest defender of laissez-faire was The Economist founded by James Wilson in 1843. The Economist criticised Ricardo for his lack of support for free trade and expressed hostility to welfare, believing that the lower orders were responsible for their economic circumstances.
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.