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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 leadership, also known as delegative leadership, is a type of leadership style in which leaders are hands-off and allow group members to make the decisions. Researchers have found that this is generally the leadership style that leads to the lowest productivity among group members.