The average value of Virginia real estate was $5,000 per acre in 2008, compared to $4,900 in 2007. In West Virginia, real estate value climbed by $200 per acre in 2008, to $2,500 per acre from $2,300 per acre.
Definition. Laissez faire is the belief that economies and businesses function best when there is no interference by the government. It comes from the French, meaning to leave alone or to allow to do. It is one of the guiding principles of capitalism and a free market economy.
The term âfree marketâ is sometimes used as a synonym for laissez-faire capitalism. When most people discuss the âfree market,â they mean an economy with unobstructed competition and only private transactions between buyers and sellers. However, a more inclusive definition should include any voluntary economic activity so long as it is not controlled by coercive central authorities.