Laissez-faire

Economic system

Laissez-faire is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism. As a system of thought, laissez-faire rests on the following axioms: "the individual is the basic unit in society, i.e., the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." The original phrase was laissez faire, laissez passer, with the second part meaning "let (things) pass". It is generally attributed to Vincent de Gournay.

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