Laissez-faire

Economic system free from interventionism

Laissez-faire ( LESS-ay-FAIR, from French: laissez faire [lɛse fɛːʁ] , lit. 'let do') implies that nothing restricts what happens, irrespective of the potential consequences. In the financial area, it is a type of economic system in which transactions between private individuals are free from any form of economic interventionism (such as subsidies or regulations). Applied to a system of thought, laissez-faire implies the following axioms: "the individual is the basic unit in society, i.e., the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." The original phrase was laissez faire, laissez passer, with the second part meaning "let (things) pass".

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