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(Gournay's bye-word on the government's proper involvement in the economy – "laisser faire, laisser passer" – would pass into the vocabulary of economics.) In 1760, while travelling in the east of France and Switzerland, he visited Voltaire , who became one of his chief friends and supporters.
Coolidge is widely admired for his stalwart support of racial equality during a period of heightened racial tension, [5] and is highly regarded by advocates of smaller government and laissez-faire economics; supporters of an active central government generally view him far less favorably.
monumental architectural style of the early 20th century made famous by the Académie des Beaux-Arts. bel esprit (pl. beaux esprits) lit. "fine mind"; a cultivated, highly intelligent person. Belle Époque a period in European social history that began during the late 19th century and lasted until World War I. belles-lettres
Laissez-faire (/ ˌ l ɛ s eɪ ˈ f ɛər / LESS-ay-FAIR; or / l ɑː ˌ s ɛ z ˈ f ɛ. j ə r /, 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 ).
With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on ...
David Lloyd George, 1st Earl Lloyd-George of Dwyfor [a] (17 January 1863 – 26 March 1945) was Prime Minister of the United Kingdom from 1916 to 1922. A Liberal Party politician from Wales, he was known for leading the United Kingdom during the First World War, for social-reform policies, for his role in the Paris Peace Conference, and for negotiating the establishment of the Irish Free State.
In the 1980s, Ronald Reagan and other conservatives looked to the Coolidge administration as a model of laissez-faire policy. [156] Ferrell praises Coolidge for avoiding major scandals and reducing the debt, but criticizes Coolidge's inactivity in foreign policy and his failure to respond to rising stock market speculation.
Friedrich August von Hayek CH FBA (/ ˈ h aɪ ə k / HY-ək, German: [ˈfʁiːdʁɪç ˈʔaʊɡʊst fɔn ˈhaɪɛk] ⓘ; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Austrian-born British academic who contributed to political economy, political philosophy and intellectual history.