Difference between revisions of "Laissez faire"

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*[[Classical liberalism]]
*[[Classical liberalism]]
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== External links ==

Revision as of 14:01, 10 January 2011

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. [1] 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.

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.

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