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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 ).
Laissez-faire capitalism is a more extensive form of this free-market economy, but one in which the role of the state is limited to protecting property rights. [156] In anarcho-capitalist theory, property rights are protected by private firms and market-generated law. According to anarcho-capitalists, this entails property rights without ...
Some historians of economics believe that he coined the phrase laissez faire, laissez passer. [1] Evidence was to be found when the French State parted the East India Company privilege (monopoly) on the slave trade. He is also credited with coining the term "bureaucracy".
Rothbard also argued that the non-laissez-faire capitalist system of today is not properly anarchistic because it often colludes with the state. According to Rothbard, "what Marx and later writers have done is to lump together two extremely different and even contradictory concepts and actions under the same portmanteau term.
The Libertarian Party (LP) is a libertarian political party in the United States that promotes civil liberties, non-interventionism, laissez-faire capitalism, and limiting the size and scope of government.
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 ...
[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 ...
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.