ICICI Bank BizCircle GlobalLinker
ICICI Bank BizCircle GlobalLinker
GlobalLinker

Laissez-Faire - Business concept of the day

Laissez-Faire - Business concept of the day

Economy

GlobalLinker Staff

GlobalLinker Staff

23 Oct 2018, 14:04 — 1 min read

Definition: Laissez-Faire is an economic system where transaction between private entities is free of government intervention like regulation, privileges, tariffs and subsidies. It is belief that 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.

Example: The newly elected leader vowed to give markets a free rein and reduce regulation, initiating a new era of Laissez-Faire economics in the company.

Business Insight: English political economist Adam Smith theorised Laissez-Faire for the first time over two hundred years ago.

 

Posted by

GlobalLinker Staff

We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.

Recommended articles for you

Got an inspiring story?
Get featured on SME inspirations

Already a member?

Sign In

Got an inspiring story?
Get featured on SME inspirations

Already a member?

Sign In

ICICI Bank BizCircle GlobalLinker - GET THE BIG BUSINESS ADVANTAGE

Visit mobile site