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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.
08/27/2015//. Also known as laissez fair, the delegating leadership style somewhat employs a hands-off approach, where the leader would place great responsibility on his subordinates, including lower-level managers and staff members, thus the French term, which means non-interference in other peopleâs affairs.