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laissez_faire

Laissez faire (let us do or let us work) (from “laissez faire, laissez passer”) is an economic doctrine that opposes governmental regulation of commerce beyond the minimum necessary for a free-enterprise system; it was promoted by the physiocrats. ://www.answers.com/topic/laissez-faire In economic theory, the term implies a true free market with no government intervention. Modern press approximately translates laissez faire into, “Do what you will”, from French. The term was popularized by French Jean-Claude Marie Vincent de Gournay (1712 – 1759).

A noted advocate of the laissez faire style of economy was Adam Smith, who pioneered the theory of modern capitalism, as Thomas Malthus and David Ricardo.

<blockquote> Adam Smith's The Wealth of Nations (1776) described laissez-faire economics in terms of an “invisible hand” that would provide for the maximum good for all, if businessmen were free to pursue profitable opportunities as they saw them. Ibidem

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In the US is a general principle of non-interventionism on the part of federal government, allowing states to handle matters at their level. Although elements of the laissez-faire principle are incorporated into all capitalist economies, it is always limited to some extent. Currently Somalia is the only nation where pure laissez-faire is practiced. Pure laissez-faire was experimented with in Chile during the reign of General Pinochet, but the experiment was unsuccessful.

See also

laissez_faire.txt · Last modified: 2020/03/12 18:35 (external edit)