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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 left-wing laissez-faire system called free-market anarchism, also known as free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism.
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".
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.
Gladstonian liberalism is a political doctrine named after the British Victorian Prime Minister and Liberal Party leader William Ewart Gladstone.Gladstonian liberalism consisted of limited government expenditure and low taxation whilst making sure government had balanced budgets and the classical liberal stress on self-help and freedom of choice.
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 ...
Monarchists had begun to use socialism as an antithesis of bourgeois laissez-faire, indicating reliance on a social conscience as opposed to pure individualism. [1] Metternich said the aims of such a conservative socialism were "peaceful, class-harmonizing, cosmopolitan, traditional". [24]
Had the English left everything to itself—'Laissez faire, laissez aller', as the popular economical school recommends—the [German] merchants of the Steelyard would be still carrying on their trade in London, the Belgians would be still manufacturing cloth for the English, England would have still continued to be the sheep-farm of the ...