The concept of laissez - faire — a French phrase meaning “let do” or “let it be” — has long been a cornerstone of classical economic thought and liberal political philosophy. LAISSEZ-FAIRE Laissez-faire , literally "leave alone," constituted the core doctrine of classical economics that there should be minimal government intervention in economic affairs. According to this theory, an economy operating under a system of free competition will tend to produce at maximum capacity with the result that labor and other resources of production will be fully utilized. Its adherents also contended that recession was a temporary, self-correcting situation. They reasoned that ... Laissez - faire is a French phrase meaning unwillingness to get involved in or influence other people's activities. It is also an economic theory or plan that favors free markets and minimal government intervention. Learn more about its meaning, usage and translations in different languages. What are some countries that practice laissez - faire principles? Answer: Countries like the United States, Singapore, and Switzerland incorporate laissez - faire principles by promoting free markets, private enterprise, and limited government intervention.
