What is a laissez faire economy?
Definition. Laissez faire is the belief that economies and businesses function best when there is no interference by the government. It comes from the French, meaning to leave alone or to allow to do. It is one of the guiding principles of capitalism and a free market economy.
Laissez-faire, (French: “allow to do”), policy of minimum governmental interference in the economic affairs of individuals and society. The policy of laissez-faire received strong support in classical economics as it developed in Great Britain under the influence of economist and philosopher Adam Smith.
- Definition. Laissez faire is the belief that economies and businesses function best when there is no interference by the government. It comes from the French, meaning to leave alone or to allow to do. It is one of the guiding principles of capitalism and a free market economy.
- lais·sez faire. noun. The definition of laissez faire is the theory that governments should have a very minimal regulation of commerce or that people should be able to do what they want without interference. An example of laissez faire are the economic policies held by capitalist countries.
- laissez-faire. [(les-ay-fair, lay-zay-fair)] It describes a system or point of view that opposes regulation or interference by the government in economic affairs beyond the minimum necessary to allow the free enterprise system to operate according to its own laws.
the theory or system of government that upholds the autonomous character of the economic order, believing that government should intervene as little as possible in the direction of economic affairs.
- The four natural resources needed for British industrialization are:
- Water power and coal to fuel the new machines.
- Iron ore to construct machines, tools and buildings.
- Rivers for inland transportation.
- Harbors from which merchant ships set sail.
- Steam is still used today for many reasons and in many fields of industry. But a steamengine that made the industrial revolution possible, with a piston, push/pull rods and big BIG flywheels aren't used anymore. This has to do with efficiency.
- Improvements to the steam engine were some of the most important technologies of the Industrial Revolution, although steam did not replace water power in importance in Britain until after the Industrial Revolution. In 1775 Watt formed an engine-building and engineering partnership with manufacturer Matthew Boulton.
Updated: 21st September 2018