What is the principle of laissez faire .how is it established
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The principle of laissez faire is the non-intervention of Government rules, regulations, privileges, tariffs, etc. According to the poem ‘The Tale of Melon City’ by Vikram Seth, this principle means non-interference and non-intervention of Government in people’s life and activities. People love freedom. It does not matter who their king or ruler is as long as he/she lets them live freely, they are happy.
The principle of laissez faire can be established by granting total liberty and peace to people. The Government should not interfere and annoy the people with unnecessary policies, taxes, rules, regulations, etc.
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The term laissez faire is used to refer to allow
things to take their own course. In other words, it means that there is no
intervention by the government in any transaction made among private parties. This
term was first used in 1861 during a meeting between Jean-Baptiste Colbert, the
French Comptroller of-General of Finances and a set of businessmen led by M Le
Gendre. Gendre used this expression when Colbert asked them in what way the
French state could help the merchants to promote their trade.
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