The popularity of the laissez-faire doctrine waned in the late 19th century, when it proved inadequate to deal with the social and economic problems caused by industrialization. The function of the state is to maintain order and avoid interfering with individual initiative. Widely accepted in the 19th century, laissez-faire assumed that the individual who pursues his own desires contributes most successfully to society as a whole. It was promoted by the physiocrats and strongly supported by Adam Smith and John Stuart Mill. Unlike what is described by Bernard Bass (2006), who claims laissez-faire is the absence of leadership, this style allows team members to work with minimal supervision and empowers them to make decisions. (French "allow to do") Policy dictating a minimum of governmental interference in the economic affairs of individuals and society. Not totally hands-off Laissez-faire leadership is a more distant form of leadership. The term literally translates to mean let go or allow to act. Definition of laissez faire in English Turkish dictionary government policy of economic non-intervention personal policy of not interfering with the freedom of others (from French "let do") Noninterference an axiom of some political economists, deprecating interference of government by attempts to foster or regulate commerce, manufactures, etc the doctrine that government should not interfere in commercial affairs An economic doctrine that opposes governmental regulation of or interference in commerce beyond the minimum necessary for a free-enterprise system to operate according to its own economic laws (Fr let (people) do (as they please) A term used to describe and sometimes advocate for a governments "hands off" relationship to the economy, i e, the government should avoid trying to improve or direct the economy in any way and collect and re-distribute only that money absolutely necessary for the survival of the nation Advocated by Adam Smith as a counter doctrine to mercantilism and supported by most neo-liberal capitalists today laissez faire refers to the practice of minimal government interference with the workings of the market system The term means that people should be left alone in carrying out their economic affairs by bounty or by restriction as, the doctrine of laissez faire the laissez faire system of government Free market economics with a minimum of government intervention Literally, "let do": a philosophy that advocates minimal government interference in the economy The doctrine of "leave it alone," of nonintervention by government in the market mechanism a doctrine opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights the government should leave things alone, or stay out of the economy Alternative form of laissez faire Laissez-faire is the policy which is based on the idea that governments and the law should not interfere with business, finance, or the conditions of people's working lives. The term laissez faire refers to an economic system wherein the government takes a hands-off approach to transactions by and between private parties.
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