Laissez-faire, is a French phrase that means "let (it/them) do" or "let go". It is an economic system in which regulation, privileges, tariffs and subsidies between private parties are free from government intervention. The idea came from the economist and philosopher Adam Smith, he stated that the economy's equilibrium will be obtained when the government minimizes intervention. Thus he believed the government’s role in laissez-faire capitalism was to leave the economy alone.
