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Laissez-faire (/ ˌ l ɛ s eɪ ˈ f ɛər / LESS-ay-FAIR, from French: laissez faire [lɛse fɛːʁ] ⓘ, lit. ' let do ' ) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations ).
Freedom of contract is the principle according to which individuals and groups may form contracts without government restrictions.This is opposed to government regulations such as minimum-wage laws, competition laws, economic sanctions, restrictions on price fixing, or restrictions on contracting with undocumented workers.
Laissez-faire is French for "Let them do (what they want)". [4] This style is the least active way of leading people. This leadership style can be seen as the absence of leadership, and is characterized by an attitude avoiding any responsibility. Decision-making is left to the employees themselves, and no rules are fixed.
Fusionism combines traditionalist and social conservatism with laissez-faire economics. [178] This is most closely associated with Frank Meyer . [ 179 ] Hans-Hermann Hoppe is a cultural conservative right-libertarian, whose belief in the rights of property owners to establish private covenant communities, from which homosexuals and political ...
Although laissez-faire has been commonly associated with capitalism, there is a similar economic theory associated with socialism called left-wing or socialist laissez-faire, also known as free-market anarchism, free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism.
The flexibility of markets under laissez faire allows prices, wages, and interest rates to adjust so as to abolish all excess supplies and demands; however, since all economies are a mixture of regulation and free-market elements, laissez-faire principles (which require a free market environment) cannot adjust effectively to excess supply and ...
Although laissez-faire has been commonly associated with capitalism, there is a similar left-wing laissez-faire system called free-market anarchism, also known as free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism.
In 1946, Leonard E. Read founded the Foundation for Economic Education (FEE), an American nonprofit educational organization which promotes the principles of laissez-faire economics, private property and limited government. [187] According to Gary North, the FEE is the "granddaddy of all libertarian organizations". [188]