Laissez-faire (, ) is an economic environment in which transactions between private parties are free from tariffs, government subsidies, and enforced monopolies, with only enough government regulations sufficient to protect property rights against theft and aggression. The phrase laissez-faire is French and literally means "let [them] do", but it broadly implies "let it be", or "leave it alone." A laissez-faire state and completely free market has never existed, though the degree of government regulation varies considerably.