10 Questions
What does the term 'laissez-faire' mean?
Allow to do
Who is traditionally attributed to responding with the phrase 'laissez-faire'?
M. Le Gendre
What did Adam Smith believe was needed for optimal market functioning?
Minimal government intervention
What is a key principle of the laissez-faire theory regarding the individual in society?
Right to freedom
What is the main drawback of protectionist policies according to the text?
Limiting international trade and hindering competition
How do antitrust laws relate to laissez-faire policies?
Antitrust laws align with the Darwinist idea of survival of the fittest
What effect does a laissez-faire economy have on businesses, according to the text?
Provides more space and autonomy from government rules
How does the absence of taxes impact companies and employees, as per the text?
Leaves them with greater spending power
What key ideas did the New Economic Policy (NEP), 1991 introduce to India's closed economy?
Liberalisation, privatisation, and globalisation
How does a laissez-faire economy promote innovation according to the text?
By compelling companies to be more creative and innovative
Explore the meaning of the term 'laissez-faire', a French phrase that advocates for minimal government intervention in the economy. Learn about its origins in the 18th century and its relevance during the Industrial Revolution.
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