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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 ).
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.
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.
Collective laissez faire is a term in legal and economic theory used to refer to the policy of a government to leave trade unions and employers free to collectively bargain with one another, with limited government intervention and oversight.
Rand intended Capitalism: The Unknown Ideal to focus on the moral nature of capitalism, as opposed to focusing on its economic aspects. She contrasts this with what she says is the failure of most other defenders of capitalism to provide a moral defense of that system. [1] [2] [3] After an introduction by Rand, the book is divided into two main ...
The normal economic pattern showed that the global phenomena have been considerably determined the social struggles in countries. The reliance of the movement of laissez-faire on the global situation also generated unavoidable competition which is a cause of weakness of the international state system.
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