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DEFINITION of 'Laissez Faire'. An economic theory from the 18th century that is strongly opposed to any government intervention in business affairs. Sometimes referred to as let it be economics .. Next Up.
Some philosophers have advocated for a laissez-faire system of economy where the government retains a hands off approach to regulating the economy, however realistically, in a system using the market economy, the government does play some role in regulation. 7 people found this helpful.