laissez-faire economy JUST WRITTEN FOR YOU
/lɛsˌfeɪˈfɛər ˌɛkəˈnɒmi/ · la·ssez fe·air e·co·nömy
noun
- An economic system in which the government does not interfere with the free market, allowing businesses and individuals to operate with minimal regulation. The country's laissez-faire economy has led to rapid growth and innovation.
adjective
- Characterized by a lack of government intervention in economic matters. The company's laissez-faire approach to management has led to conflicts with employees.
Synonyms
free market economyminimal government interventionunregulated economylibertarian economycapitalist economyhands-off economynon-interventionist economy
Antonyms
Did you know? The term 'laissez-faire' was first used by French economist Vincent de Gournay in the 18th century to describe the economic policies of King Louis XV, who believed in minimal government intervention in economic matters.