Laissez Faire

Discipline: Economics

A doctrine proposed by the Physiocrats in France, whose principle of 'Laissez-faire, laissez-passer' (literally, allow to act, allow to pass) was later adopted by such classical economists as the Scottish Adam Smith (1723-1790).

Laissez-faire advocates nonintervention or minimum intervention by government in the economic affairs of a country.

Also see: economic liberalism, mercantilism, new classical macroeconomics, physiocracy

Source:
J Viner, 'The Intellectual History of Laissez-faire', Journal of Law and Economics, vol. III (1960), 45-69

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