Laissez-faire in the United States

Laissez-faire in the International Business Landscape

Definition of Laissez-faire in the context of U.S. international business and public trade policy: Term that generally refers to the lack of governmental interference in the economy.

Laissez-faire in the International Business Landscape

Definition of Laissez-faire in the context of U.S. international business and public trade policy: The doctrine that the commercial affairs of society are best guided by the decisions of individuals, to the exclusion of government.

Concept of Laissez-faire

In the U.S., in the context of Political Economy and Public Policy, Laissez-faire has the following meaning: A French term meaning let people do as they choose. It has come to describe a philosophy concerning the role of government in the economy – a belief that government should refrain from interfering in economic activities, allowing private entities to make economic decisions freely. (Source of this definition of Laissez-faire : University of Texas)

Laissez-faire

Laissez-faire in the U.S. Legal History

Summary

An economic theory based upon the ideas of Adam Smith, it contended that in a free economy self-interest would lead individuals to act in ways that benefited society as a whole and therefore government should not intervene.

Laissez-faire Background

Resources

See Also

• Political Economy
• Public Policy