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Laissez faire is the economic policy of a free market economy, this means a lot of competition between companies and very little government intervention in the economy. 2 people found this useful. Edit.
laissez faire (comparative more laissez faire, superlative most laissez faire) (economics, politics) Practicing or representing governmental noninterference, or minimal interference, especially in economic affairs; pertaining to free-market capitalism. I think the city should take a laissez faire approach to this; getting involved would only make things worse. (economics, politics) Advocating such noninterference. The Senator claims to be laissez faire, but he voted in favor of the subsidies. Resulting from such noninterference. The price ceiling was well below the laissez faire price that demand would have supported, so there were always shortages.