Difference between revisions of "Laissez faire"
(French quotation doesn't seem to add anything; external link is to a French blog) |
|||
| Line 1: | Line 1: | ||
'''Laissez faire''' (let us do or let us work) is a general principle of non-interventionism on the part of [[federal government]], allowing states to handle matters at their level. 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. 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. | '''Laissez faire''' (let us do or let us work) is a general principle of non-interventionism on the part of [[federal government]], allowing states to handle matters at their level. 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. 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. | ||
| − | |||
| − | |||
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. | 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. | ||
== See also == | == See also == | ||
| − | |||
*[[Enterprise]] | *[[Enterprise]] | ||
== External links == | == External links == | ||
| − | |||
*[http://dictionary.reference.com/browse/laissez%20faire Dictionary.com] | *[http://dictionary.reference.com/browse/laissez%20faire Dictionary.com] | ||
| − | |||
[[Category:Economics]] | [[Category:Economics]] | ||
[[Category:Political Theory]] | [[Category:Political Theory]] | ||
Revision as of 21:10, September 28, 2008
Laissez faire (let us do or let us work) is a general principle of non-interventionism on the part of federal government, allowing states to handle matters at their level. 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. 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.
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.
