Laissez Faire

n. government policy of economic non-intervention; personal policy of not interfering with the freedom of others (from French "let do")

| Laissez-faire (pronunciation: French, ; English, ) is a French phrase meaning "let do". From the French diction first used by the 18th century physiocrats as an injunction against government interference with trade, it became used as a synonym for strict free market economics during the early and mid-19th century. It is generally understood to be a doctrine that maintains that private initiative and production are best allowed to roam free, opposing economic interventionism and taxation by the state beyond that which is perceived to be necessary to maintain individual liberty, peace, security, and property rights.
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Noun
1. the doctrine that government should not interfere in commercial affairs
(synonym) individualism
(hypernym) doctrine, philosophy, philosophical system, school of thought, ism

Adjective
1. with minimally restricted freedom in commerce
(synonym) individualistic, laissez-faire(a)
(similar) capitalistic, capitalist

laissez faire, (French)

Noninterference; -- an axiom of some political economists, deprecating interference of government by attempts to foster or regulate commerce, manufactures, etc., by bounty or by restriction; as, the doctrine of laissez faire; the laissez faire system government.