laissez faire

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laissez faire

, laisser faire
a. the doctrine of unrestricted freedom in commerce, esp for private interests
b. (as modifier): a laissez-faire economy

laissez faire

the doctrine that economic affairs, especially the interests of capital, are best left unrestricted by government action. The term derives originally from the ideas of the French physiocrats, but was developed by Adam SMITH and by the CLASSICAL ECONOMISTS.