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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.
Laissez-faire capitalism is the only social system based on the recognition of individual rights and, therefore, the only system that bans force from social relationships. By the nature of its basic principles and interests, it is the only system fundamentally opposed to war.apitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned.