Legal Definitions - laissez-faire

Definition: Laissez-faire is a policy where the government tries to stay out of private business as much as possible. This usually refers to the government not getting involved in the economic activities of private individuals or companies. It is also known as "Freedom of Contract."

• A government that practices laissez-faire would not regulate the prices of goods and services.
• A laissez-faire approach to healthcare would mean that the government would not provide any healthcare services or regulate the healthcare industry.
• A laissez-faire approach to education would mean that the government would not provide any public schools or regulate private schools.

These examples illustrate how a government that practices laissez-faire would not interfere with the private sector. This means that businesses and individuals would have more freedom to make their own decisions without government intervention. However, it also means that there would be less government support for things like healthcare and education.