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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.
Being a system of thought, laissez-faire rests on the following axioms: 1  The individual is the basic unit in society. 2  The individual has a natural right to freedom. 3  The physical order of nature is a harmonious and self-regulating system.