Laissez-faire, (French: “let it do”) is a policy of minimal government interference in the economic affairs of individuals and society.
Under laissez-faire policy, the function of the Government has to maintain order and security and to refrain from interfering with the affairs of the individual in achieving their desired goals.
But laissez-faire advocates say the government plays a key role in enforcing contracts and ensuring peace in the community.
The laissez-faire policy received strong economic support as it developed in Great Britain under the influence of philosopher and economist Adam Smith.
Belief in laissez-faire was a popular concept during the 19th century.
Thus, Adan Smith economist supported the idea that economies work best when governments avoid interfering with private businesses.
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