An economy or market with no regulation or restrictions on how the said market operates, thus allowing the most efficient allocation of a resources in an economy. The laissez-faire or 'market system' is the unplanned capitalist economic system. The extreme opposite is N.Korea, Cuba, China etc.
The 'passive' approach, or that of non-intervention to Macroeconomic management (as stated by harry flashman) is just one feature of the laissez-faire or market system.
by Diego December 07, 2003
5 more definitions
it is the policy of non-interference. it is generally used by countries while dealing with each other.
india agreed to sign the agreement if laissez faire will be provided in terms of democratic issues
by simple..... April 13, 2009
I don't give a fuuuuuuck
Vacations in Europe can lead to a Laissez Faire attitude back home.
by citypaintNbody March 23, 2011
No government interference with business or personal life.
A laissez- faire was ordered during the time of the war of 1812.
by Brian A. January 18, 2007
Fr. Either a term meaning a policy of non-interference in economics or meaning an indolent homosexual.
Pierre, an economic adviser to the finance minister was going to propose a laissez-faire approach to the recession but was such a laissez-faire that he never got around to it.
by harry flashman July 07, 2003