Search results
Results From The WOW.Com Content Network
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 ).
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.
[2] 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 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.
[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 ...
Different normative theories exist on the necessary and appropriate function of the state in a capitalist economy, with proponents of laissez-faire favoring a state limited to the provision of public goods and safeguarding private property rights while proponents of interventionism stress the importance of regulation, intervention and ...
Laissez-faire economists [who?] argue that government intervention is the cause of economic crises, and that left to its devices, the market will adjust efficiently. As for the implication that dislocations cannot cause persistent unemployment, some theories of economic cycles accept Say's law and seek to explain high unemployment in other ways ...
Marxian economics provided a foundation for socialism based on analysis of capitalism [14] while neoclassical economics and evolutionary economics provided comprehensive models of socialism. [15] During the 20th century, proposals and models for both socialist planned and market economies were based heavily on neoclassical economics or a ...