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Laissez-faire capitalism

From Academic Kids

Laissez-faire capitalism is the doctrine that markets function to the greatest good when government does not thwart the operation of free markets through intervention.

Historically the term 'Laissez-faire' was first used in the 1700s by French physiocrats in opposition to mercantilism. Later it was popularized by being taken out of context from the works of Adam Smith and John Stuart Mill.

Many say that the phrase "laissez-faire capitalism" is redundant, pointing out that the common definition of capitalism explicitly refers to trade occurring in a "free market." These assert that the concept of "capitalism" is a laissez-faire system by definition.

Economist Milton Friedman and the Cato Institute consider Hong Kong the best example of laissez-faire capitalism model.

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