laissez-faire

Laissez-faire is an economic theory advocating minimal government intervention in the market. The term, French for "let do," suggests that businesses should operate freely, with the belief that competition and individual initiative lead to better products and services. Proponents argue that when the government allows the economy to function without interference, it fosters innovation and growth. However, critics warn that too little regulation can lead to inequality and exploitation. Overall, laissez-faire emphasizes the importance of free markets in promoting prosperity while balancing the need for some oversight to protect public interests.