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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 ).
The dependence of laissez-faire on global hegemony is a complicated problem because this is the field where political leaders need negotiation to keep their political power for two main purposes. They need to maintain both the protection of the position of the nation within the international state system and the effective function of the ...
The other was the political doctrine of laissez-faire economics, namely that all coercive government regulation of the market represents unjustified interference, and that economies would perform best with government only playing a defensive role in order to ensure the operation of free markets.
A rigid belief in laissez-faire guided the government response in 1846–1849 to the Great Famine in Ireland, during which an estimated 1.5 million people died. The minister responsible for economic and financial affairs, Charles Wood, expected that private enterprise and free trade, rather than government intervention, would alleviate the ...
List's theory of "national economics" differed from the doctrines of "individual economics" and "cosmopolitan economics" by Adam Smith and Jean-Baptiste Say. List argued that Smithian critiques of mercantilism were "partly correct", but argued for the need for temporary tariff protection targeted to protect specific infant industries that were ...
In American political theory, fiscal conservatism or economic conservatism [1] is a political and economic philosophy regarding fiscal policy and fiscal responsibility with an ideological basis in capitalism, individualism, limited government, and laissez-faire economics.
1926 Laissez-Faire and Communism (New Republic) 1929 Can Lloyd George Do It? (Nation and Athenaeum) 1930 Economic Possibilities for our Grandchildren (Nation and Athenaeum) 1930 The Great Slump of 1930 (Nation and Athenæum) 1931 The End of the Gold Standard (Sunday Express) 1933 The Means to Prosperity (Macmillan and Co.)
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.