Laissez-Faire?

Question

Can someone define Laissez-Faire for me and how was it good and bad for american business?

Answer 1

It is French for "Let the Buyer Beware." Which means that it is up to the buyer to decide if the product is worth the money asked. It is good for American business and the public because it keeps prices competitive.

Answer 2

it means to let them be....and the market shall regulate itself (at least that's the theory).  For example, Hong Kong.  Government involvement is very minimal...as the result, it grew to one of the most prosperous places in the planet.

Answer 3

Babi got it.  My definition is "let (to) do" which means, "don't interfere with"  so in business, it means "let business do what they want."  It's an approach to regulation that says it's better for the country if business can do what they want.  Is it cheaper for a mining company to allow a few people to die in the mines with no compensation? Sure.  So the mining company will make more profits. You tax the profits, so the government gets more tax revenue.  The mining company wins, the government wins and only the miners lose.  Pretty cold-blooded, no? This is a bit simplified, with concomitant caveats. Read the cite and see what you think.

Answer 4

laissez fair simply means 'to leave alone' in french. In America the government left businesses alone to do their own thing without interviening which was good for the business individuals themselves however not having many guidelines to adhere to caused businesses to be able to treat workers badly for example low pay.