Laissez Faire (Noun)
Meaning
The doctrine that government should not interfere in commercial affairs.
Classification
Nouns denoting cognitive processes and contents.
Examples
- The country's economic policy was based on laissez-faire, allowing businesses to operate with minimal government regulation.
- The company's leadership style was laissez-faire, giving employees a lot of autonomy to make their own decisions.
- The government's decision to not intervene in the market was seen as a classic example of laissez-faire economics.
- The entrepreneur believed in laissez-faire capitalism, arguing that government interference would stifle innovation.
- The professor explained that laissez-faire policies had been popular in the 19th century, but were largely discredited in the 20th century as being too hands-off.