What does the term 'laissez-faire' mean?

The term 'laissez-faire' refers to an economic philosophy advocating for minimal government intervention in economic activities. This concept is rooted in classical liberalism and is associated with free-market economics, where the belief is that an economy functions best when individuals are allowed to pursue their own interests without excessive regulation or control by the government.

In this system, the market is believed to naturally regulate itself through supply and demand, with limited government interference allowing for competition, innovation, and efficiency. This approach contrasts sharply with systems or beliefs that support heavy government involvement, which would lead to a lack of a free market mechanisms.

Understanding 'laissez-faire' in contrast to government control highlights its emphasis on personal and economic freedom, which is a cornerstone idea for proponents of free-market policies.