Difference between revisions of "Laissez-faire"
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==Origin== | ==Origin== | ||
French ''laissez faire'', imperative of ''laisser faire'' to let (people) do (as they [[choose]]) | French ''laissez faire'', imperative of ''laisser faire'' to let (people) do (as they [[choose]]) | ||
| − | *[ | + | *[https://en.wikipedia.org/wiki/19th_century 1825] |
| − | According to historical [[legend]], the phrase stems from a meeting in about 1681 between the powerful French finance minister [ | + | According to historical [[legend]], the phrase stems from a meeting in about 1681 between the powerful French finance minister [https://en.wikipedia.org/wiki/Jean-Baptiste_Colbert Jean-Baptiste Colbert] and a group of French businessmen led by a certain M. Le Gendre. When the [[eager]] [https://en.wikipedia.org/wiki/Mercantilism 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''" ("Let us be," literally "Let us do"). The anecdote on the Colbert-Le Gendre meeting was related in a 1751 article in the Journal Oeconomique by the French minister and champion of [https://en.wikipedia.org/wiki/Free_trade free trade], [https://en.wikipedia.org/wiki/Ren%C3%A9_Louis_de_Voyer_de_Paulmy_d%27Argenson René de Voyer, Marquis d'Argenson] – which happens to also be the phrase's first known appearance in print. |
==Definitions== | ==Definitions== | ||
*1: a [[doctrine]] opposing [[governmental]] [[interference]] in [[economic]] affairs beyond the minimum [[necessary]] for the maintenance of [[peace]] and property [[rights]] | *1: a [[doctrine]] opposing [[governmental]] [[interference]] in [[economic]] affairs beyond the minimum [[necessary]] for the maintenance of [[peace]] and property [[rights]] | ||
*2: a philosophy or [[practice]] characterized by a usually deliberate abstention from [[direction]] or interference especially with [[individual]] [[freedom]] of choice and [[action]] | *2: a philosophy or [[practice]] characterized by a usually deliberate abstention from [[direction]] or interference especially with [[individual]] [[freedom]] of choice and [[action]] | ||
==Description== | ==Description== | ||
| − | '''Laissez-faire''' is an [[economic]] environment in which [[transactions]] between [[private]] parties are free from [[government]] restrictions, tariffs, and subsidies, with only enough regulations to protect [ | + | '''Laissez-faire''' is an [[economic]] environment in which [[transactions]] between [[private]] parties are free from [[government]] restrictions, tariffs, and subsidies, with only enough regulations to protect [https://en.wikipedia.org/wiki/Property_rights property rights]. The phrase ''laissez-faire'' is French and [[literally]] means "let [them] do," but it broadly implies "let it be," "let them do as they will," or "leave it alone."[https://en.wikipedia.org/wiki/Laissez-faire] |
[[Category: Economics]] | [[Category: Economics]] | ||
Latest revision as of 01:21, 13 December 2020
Origin
French laissez faire, imperative of laisser faire to let (people) do (as they choose)
According to historical legend, the phrase stems from a meeting in about 1681 between the powerful French finance minister Jean-Baptiste Colbert and a group of French businessmen led 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" ("Let us be," literally "Let us do"). The anecdote on the Colbert-Le Gendre meeting was related in a 1751 article in the Journal Oeconomique by the French minister and champion of free trade, René de Voyer, Marquis d'Argenson – which happens to also be the phrase's first known appearance in print.
Definitions
- 1: a doctrine opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights
- 2: a philosophy or practice characterized by a usually deliberate abstention from direction or interference especially with individual freedom of choice and action
Description
Laissez-faire is an economic environment in which transactions between private parties are free from government restrictions, tariffs, and subsidies, with only enough regulations to protect property rights. The phrase laissez-faire is French and literally means "let [them] do," but it broadly implies "let it be," "let them do as they will," or "leave it alone."[1]
