French is a beautiful language. French often seems to give words with simple meanings a bit more flair, and laissez-faire is no exception. The basic definition is “let it be.” It is often used in conjunction with laissez-passer, which means, “Let it pass.” As it pertains to political or economic systems, the term laissez-faire is used to describe the doctrine of non-interference. Put simply, it refers to a hands off or limited government approach.

While the term is commonly used to describe those in positions of leadership who subscribe to the hands off approach, many people do not feel that a laissez-faire individual is a leader at all. Some people need a leader to exert authority and control. Others find that leaders who allow people to act under the dictates of their conscience, and use their own judgment, are better received and more respected. There appears to be a greater sense of genuine loyalty to a leader who trusts people to do the right thing on their own.

The laissez-faire style of economics means less government regulation and fewer artificial controls of production, buying, selling, trading, and financing. The laissez-faire style of economics clearly promotes the free market. Limited government intrusion is the foundation of such a system, although the concept is less absolute than it once was. Those who subscribe to absolute laissez-faire economics, or no government regulation, are sometimes referred to as economic anarchists. They believe in no controls at all. “The market will work it out,” is their motto.

While there is some truth to that sentiment, most who trend toward the laissez-faire model of economics agree that some controls or regulations are required, if for no other reason than to prevent monopolies and other abuses. The allowance of limited government regulation appears to be more accepted as of the 19th Century. Some corporations became too large to compete with, absorbing competitors and attempting to control supply and demand through production as well as through price controls.

The Laissez-faire model of economics is embraced by a wide variety of people across the political spectrum. At the same time, it is rejected by those who feel more government regulation is necessary, even if they see regulation as a necessary evil. Those who reject it tend to approve of some form of wealth redistribution, whether in the form of public assistance or corporate welfare. Overall, laissez-faire economics tends to be seen as the antithesis of most other economic models and is generally considered a libertarian ideal.