Hands Off Economic and Social Policy | Generated by AI
“Laissez-faire” is a French phrase that literally translates to “let do” or “let it be.” It refers to an economic and political philosophy advocating minimal government interference in the economy and individual affairs.
In economic contexts, laissez-faire capitalism means allowing free markets to operate with little to no regulation, with the belief that supply and demand will naturally regulate themselves without government intervention.
The term can also be used more broadly to describe a hands-off approach in other areas—for example, “laissez-faire parenting” refers to a permissive style where parents don’t impose many rules or structure.
The phrase became prominent during the 18th century Enlightenment, particularly associated with French economists called the Physiocrats, and later with classical liberal economists like Adam Smith.