What are the policies known as 'laissez faire'?
Understand the Problem
The question is asking about the economic policies referred to as 'laissez faire'. It seeks to understand the principles and implications of these policies in economic theory, particularly their focus on minimal government intervention in the market.
Answer
Laissez-faire is a minimal government interference policy in economic affairs, promoting a free market.
Laissez-faire is a policy of minimal governmental interference in the economic affairs of individuals and society, emphasizing a free market with limited regulations.
Answer for screen readers
Laissez-faire is a policy of minimal governmental interference in the economic affairs of individuals and society, emphasizing a free market with limited regulations.
More Information
The term 'laissez-faire' is French for 'allow to do' or 'leave alone,' reflecting its core principle of reducing government regulations to empower individuals and businesses to operate freely.
Tips
A common mistake is confusing laissez-faire with absolute anarchy. Laissez-faire allows some basic regulations necessary for order but emphasizes minimal interference.
Sources
- Laissez-faire - Britannica - britannica.com
- Laissez-faire - Wikipedia - en.wikipedia.org
- Laissez-faire policies in the Gilded Age - Khan Academy - khanacademy.org
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