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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.
From 1970's, however, the pendulum swung back to laissez-faire economics (renamed 'market economy' or 'free enterprise') and brought deregulation of business, and progressive removal of trade barriers, which is continuing.