laissez-faire, (French: “allow to do”) policy of minimum governmental interference in the economic affairs of individuals and society. The origin of the term is uncertain, but
folklore suggests that it is derived from the answer
Jean-Baptiste Colbert, comptroller general of
finance under King
Louis XIV of
France, received when he asked industrialists what the government could do to help business: “Leave us alone.” The doctrine of laissez-faire is usually associated with the economists known as
Physiocrats, who flourished in France from about 1756 to 1778. The policy of laissez-faire received strong support in
classical economics as it developed in
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Laissez-faire | Definition, Economics, Government, Policy, History, & Facts | Britannicahe adoption of mass-production techniques demonstrated that the laissez-faire doctrine was insufficient as a guiding philosophy. It yielded to Keynesian economics during the early 20th century. <span>laissez-faire, (French: “allow to do”) policy of minimum governmental interference in the economic affairs of individuals and society. The origin of the term is uncertain, but folklore suggests that it is derived from the answer Jean-Baptiste Colbert, comptroller general of finance under King Louis XIV of France, received when he asked industrialists what the government could do to help business: “Leave us alone.” The doctrine of laissez-faire is usually associated with the economists known as Physiocrats, who flourished in France from about 1756 to 1778. The policy of laissez-faire received strong support in classical economics as it developed in Great Britain under the influence of the philosopher and economist Adam Smith. (Read Milton Friedman’s Britannica entry on money.) More From Britannica industrial relations: Laissez-fai Summary
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