Laissez -faire is a French term that means the avoidance of government control of the business and of the economy. This idea has been replaced with the term "free markets" which understands that government regulations on business to a certain extent are necessary for a wealthy and fair economy. The US economy can be described as a free market economy.
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Laissez fair essentially means let things happen. So laissez faire economics means to let things happen in the economy with no or little interference from government.
laissez faire capitalism
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Laissez-faire economic policies Constitutional monarchy
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