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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.
While the champions of laissez-faire economics praised individual rights, other thinkers focused on the good of society in general. They condemned the evils of industrial capitalism, which they believed had created a gulf between rich and poor. To end poverty and injustice, they offered a radical solutionâsocialism.