Laissz-faire' is associated with which form of economy?
Answers
Answer:
Laissez-faire is an economic theory from the 18th century that opposed any government intervention in business affairs. The driving principle behind laissez-faire, a French term that translates as "leave alone" (literally, "let you do"), is that the less the government is involved in the economy, the better off business will be—and by extension, society as a whole. Laissez-faire economics are a key part of free market capitalism.
KEY TAKEAWAYS
Laissez-faire is an economic philosophy of free market capitalism.
The theory of laissez-faire was developed by the French Physiocrats during the 18th century.
Later free market economists built on the ideas of laissez-faire as a path to economic prosperity, though detractors have criticized it for promoting inequality.