laissez-faire

UK: ˌleɪseɪ ˈfeə | US: ˌleɪseɪ ˈfer

Definition

  1. n. an economic or political policy of non-interference, especially by governments in commercial affairs

  2. adj. advocating or characterized by minimal external control or regulation

Structure
laissez <allow (imperative of "laisser")>faire <do (infinitive of "faire")>
Etymology

The term originates from the French phrase "laissez faire, laissez passer" (literally "let do, let pass"), coined by 18th-century physiocrats opposing mercantilist regulations. It combines the imperative "laissez" (from Old French "laissier", meaning "to allow") and "faire" (from Latin "facere", meaning "to do"). The phrase was popularized by economist Adam Smith to describe free-market principles.

Examples

  1. The government adopted a laissez-faire approach to business deregulation.

  2. Critics argue that laissez-faire capitalism exacerbates income inequality.

  3. His parenting style is decidedly laissez-faire, allowing children ample freedom.

  4. The laissez-faire attitude toward environmental policies led to ecological damage.

  5. Early industrialists thrived under laissez-faire economic conditions.