Laissez Faire
Laissez-faire, (French: “allow to do”) policy of minimum governmental interference in the economic affairs of individuals and society. The origin of the term is uncertain, but folklore suggests that it is derived from the answer Jean-Baptiste Colbert, comptroller general of finance under King Louis XIV of France, received when he asked industrialists what the government could do to help business: “Leave us alone.” The policy of laissez-faire received strong support in classical economics as it developed in Great Britain under the influence of the philosopher and economist Adam Smith.
laissez faire economics is associated with the Classical Liberalism of Adam Smith and the Neo Liberal idea of Friedich Hayek.