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Proponents of laissez-faire argue for a near complete separation of government from the economic sector. [5] [verification needed] The phrase laissez-faire is part of a larger French phrase and literally translates to "let [it/them] do", but in this context the phrase usually means to "let it be" and in expression "laid back". [6]
In the United States, classical liberalism, also called laissez-faire liberalism, [92] is the belief that a free-market economy is the most productive and government interference favors a few and hurts the many [original research?] —or as Henry David Thoreau stated, "that government is best which governs least". Classical liberalism is a ...
In 1956, Schlesinger said that liberalism in the United States includes both a laissez-faire form and a government intervention form. He holds that liberalism in the United States is aimed toward achieving equality of opportunity for all, but it is the means of achieving this that changes depending on the circumstances.
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[A]t the center of classical liberal theory [in Europe] was the idea of laissez-faire. To the vast majority of American classical liberals, however, laissez-faire did not mean no government intervention at all. On the contrary, they were more than willing to see government provide tariffs, railroad subsidies, and internal improvements, all of ...
Historian Kathleen G. Donohue argues that classical liberalism in the United States during the 19th century had distinctive characteristics as opposed to Britain: "[A]t the center of classical liberal theory [in Europe] was the idea of laissez-faire. To the vast majority of American classical liberals, however, laissez-faire did not mean no ...
Freedom to contract underpins laissez-faire economics and is a cornerstone of free-market libertarianism. The proponents of the concept believe that through "freedom of contract", individuals possess a general freedom to choose with whom to contract, whether to contract or not, and on which terms to contract.
According to the Encyclopædia Britannica: "In the United States, liberalism is associated with the welfare-state policies of the New Deal programme of the Democratic administration of Pres. Franklin D. Roosevelt, whereas in Europe it is more commonly associated with a commitment to limited government and laissez-faire economic policies."