Laissez-Faire - Business concept of the day
Economy
23 Oct 2018, 14:04 — 1 min read
Definition: Laissez-Faire is an economic system where transaction between private entities is free of government intervention like regulation, privileges, tariffs and subsidies. It is belief that belief that economies and businesses function best when there is no interference by the government. It comes from the French, meaning to leave alone or to allow to do. It is one of the guiding principles of capitalism and a free market economy.
Example: The newly elected leader vowed to give markets a free rein and reduce regulation, initiating a new era of Laissez-Faire economics in the company.
Business Insight: English political economist Adam Smith theorised Laissez-Faire for the first time over two hundred years ago.
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