As a noun, laissez faire refers to the practice of allowing people or institutions to act or behave however they want, with little or no interference or regulation. It can also refer to the theory on which such a system is based. The adjective form laissez-faire is used to describe people or things that engage in this practice or that are based on this theory, such as a laissez-faire economy. These terms are especially associated with economics. In this context, they refer to systems in which there are few regulations and little government oversight of how business is conducted.


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13 comment

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