Laissez-Faire

Laissez-faire is a school of economic thought that originated in the 18th century. The term translates to “let do” or “leave alone”.

Proponents of laissez-faire economics are against government interference and believe that markets should be self-regulating.

They are hostile to regulation in general, as well as trade restrictions and even minimum wages. The term itself is thought to have come from a meeting in 1681 between the French finance minister and a group of businessmen.

When he asked the assembled businessmen how he could be of service to them, the response was simply: “Laissez-nous faire”, literally meaning “leave it to us”.