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What is the role of government in a laissez-fair economic system?
Wiki User
∙ 11y ago
The role of the government is very limited. The literal translation from French is "let be". The government in this system strictly provides a legal system where property rights and contracts can be enforced. Past that, the government is not involved in economic activity. Transactions are free from taxes, tariffs, regulations, etc.
This system has never truly existed anywhere because, obvioiusly, the existence of government to provide a legal system requires taxes of some sort to be collected. So, in practical terms, it refers to a system where the government interferes with commerce as little as possible.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoDefense of the country, police protection of individuals & construction and maintenance of public works that are too expensive for individuals to undertake.
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