Laissez-faire is the concept of the policy of minimum governmental interference in the economic system. This concept was first developed by Jean-Baptiste Colbert that was the finance controller of King Louis XIV of France. But, it was John Stuart Mill the responsible for bringing the philosophy into popular use. He wrote “Principles of Political Economy” which he developed arguments in favor of laissez-faire.
Adam Smith also defended in Britain that freely functioning economies were capable of bestowing benefits to all levels of society. Adam Smith’s ideas strongly inspired Americans and the philosophy reached its peak in the 1870s during the industrialization era.
The policy of laissez-faire received strong support in classical economics as it developed in Great Britain under the influence of economist and philosopher Adam Smith.
