Thursday, September 8, 2011

What is laissez-faire?

In economics, laissez-faire (English pronunciation: /ˌlɛseɪˈfɛər/ ( listen), French: [lesefɛʁ] ( listen)) describes an environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.

The phrase laissez-faire is French and literally means "let do", but it broadly implies "let it be", or "leave it alone."

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