24 Hour Customer Service:

Call for a quote line:

Laissez Faire

The term “laissez-faire” is an economic term that protects private enterprise from government intrusion. The phrase comes from the French, and is generally translated as “leave it alone.” It was first attributed to a 1680 meeting between legendary French finance minister Jean-Baptiste Colbert and business leaders.

Laissez-faire, as a business idea, spread to England during the Enlightenment. Laissez FaireAdam Smith, famous for The Wealth of Nations, believed that a laissez-faire system promoted free markets and natural liberty, although he did not use the term in his writing.

As an economic principle, laissez-faire has four basic assumptions. The first is that the individual is the most basic unit in society. Second, the individual has a fundamental right to freedom. Third, the physical order of nature is both harmonious and self-regulating. Fourth, corporations are constructs and must be supervised by the citizen due to their propensity to disrupt the natural order.

Laissez-faire in the United States during the Industrial Revolution led to the rise of the massive monopolies that characterized the Gilded Age. Business regulation now marks the US economy as a mixed economy, characterized by government control over several key areas of the economy, as well as consumer protection from corporate abuse.

Related Research Paper Topics

The Gilded Age and Corruption - Throughout the late 1800s, there were countless instances of corruption in American history.

Capitalistic Society research papers show profits, therefore depend ultimately upon the environment, the source of materials for production.