Posted by Anonymous on Wednesday, April 20, 2011 at 10:10am.
Describes an environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.
A laissez-faire economy is run by individuals the way they want. The government doesn't butt into private businesses.
There are two ways that a government typically is tempted to interfere with the economy. The first is through the initiation of force, and the second is through socialized industries. Neither of these activities are aligned with the proper role of government, and are both unacceptable.
Two ways governments interfere with the economy: (1)using force (police, army, fines, etc.) to control private businesses; (2) owning and running businesses (socialized industries).
"Laissez Faire Capitalism" is actually redundant, due to the nature of Capitalism. Therefore, simply "Capitalism" is sufficient to get the point across although historically it has been misrepresented as compatible with government economic interference.
Capitalism means that governments don't get in the way of individuals and companies making money.
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