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ozzi
3 years ago
12

What is laissez-faire economics?

History
1 answer:
emmasim [6.3K]3 years ago
7 0

Answer:

Laissez-faire (/ˌlɛseɪˈfɛər/; French: [lɛsefɛʁ] ; from French: laissez faire, lit. 'let do') is an economic system in which transactions between private parties are absent of any form of economic interventionism such as regulation and subsidies. As a system of thought, laissez-faire rests on the axioms that the individual is the basic unit in society and has a natural right to freedom; that the physical order of nature is a harmonious and self-regulating system; and that corporations are creatures of the state and therefore the citizens must watch them closely due to their propensity to disrupt the Smithian spontaneous order

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