Laissez-faire economics

Laissez-faire (/ˌlɛseɪˈfɛr-/, French: [lɛsefɛʁ] from French: laissez faire, lit. 'let do') is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies. The phrase laissez-faire is part of a larger French phrase and basically translates to "let (it/them) do", but in this context usually means to "let go".

The term laissez faire likely originated in a meeting that took place around 1681 between powerful French Comptroller-General of Finances Jean-Baptiste Colbert and a group of French businessmen headed by a certain M. Le Gendre. When the eager mercantilist minister asked how the French state could be of service to the merchants and help promote their commerce, Le Gendre replied simply "Laissez-nous faire" ("Leave it to us" or "Let us do ["it," the French verb not having to take an object]").

The anecdote on the Colbert–Le Gendre meeting appeared in a 1751 article in the Journal économique, written by French minister and champion of free trade René de Voyer, Marquis d'Argenson—also the first known appearance of the term in print. Argenson himself had used the phrase earlier (1736) in his own diaries, in a famous outburst:

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