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'''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]]. [http://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 used by the first time by French [[Jean-Claude Marie Vincent de Gournay]] (1712 – 1759).

'''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]]. [http://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 used by the first time 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]], but as [[Thomas Malthus]] and [[David Ricardo]], did not use the term.  

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]].

 

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]]

 

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.

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.