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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.
A. Main aim: Divorce government from the economy (in essence, laissez faire) 1. Anti-monopoly; the common man should have a chance to succeed economically. 2. Return to Jeffersonian democracy -- govâts role should be limited 3. Give more power to states to promote equality of opportunity.