the fact that they are "laissez-faire" does not mean that they are merely for show, they still run the country, making important decisions to further the counties industrial, technological and economic development.

Laisser = to let

faire = to do

It basically means to leave someone to do whatever they want to do.

For example:

Marijuana is illegal in Canada. However, the police are unconcerned and generally have a laissez-faire attitude.

the government takes a hands-off approach to businesses

Franklin D. Roosevelt, the 32nd US president, was the US President from 1933 to his death in 1945. He was president during the worst depression the US ever had. Causing about an unemployment rate of 25%. Roosevelt did not believe in laissez-faire economics. He led the way towards more business regulation and a more central plan style in economics. Much more so then any president before him. As an aside, laissez-faire economics has never existed in what can be called the "modern world". It's impossible for any government not to have one degree or another in the economic affairs of a nation. The imposition of tariffs as an example is regulating economics in a nation. It's purpose is two fold, gaining income from trade by businesses and in so many cases helping to protect the home country business sector.

This is a matter of opinion (as is the idea that laissez faire theory has failed); in my view, its failure was the assumption that markets are free (i.e., that they comprise fully informed buyers and sellers with no individual control over supply or demand).

Government should refrain from intervening in the economy, leaving all major decisions to the individual business leaders.

Laissez faire advocates favor individual self-interest and competition, and oppose the taxation and regulation of commerce.

The economy of a country will not prosper more if the government does not interfere with economic affairs.

The term more often used for such a form of capitalism is LAISSEZ-FAIRE ECONOMICS.

Leaving it alone.

It means a lack of involvement on the part of the government to see how the events or problem turns out.
economic environment in which transactions between private parties are free from tariffs, government subsidies, and enforced monopolies, with only enough government regulations sufficient to protect property rights against theft and aggression.

The government takes a "hands off" approach to businesses

the business owners

Franklin D. Roosevelt, the 32nd US president, was the US President from 1933 to his death in 1945. He was president during the worst depression the US ever had. Causing about an unemployment rate of 25%. Roosevelt did not believe in laissez-faire economics. He led the way towards more business regulation and a more central plan style in economics. Much more so then any president before him. As an aside, laissez-faire economics has never existed in what can be called the "modern world". It's impossible for any government not to have one degree or another in the economic affairs of a nation. The imposition of tariffs as an example is regulating economics in a nation. It's purpose is two fold, gaining income from trade by businesses and in so many cases helping to protect the home country business sector.

Yes.

Laissez-faire is French for “let happen” not to control, but keeping hands off.

Slavery was just another commodity

Laissez faire economics is an arguable theory, but is generally perceived as a good strategy. It involves relaxed regulations revolved around the belief that freedom and low taxes will encourage spending and therefore a positive shift in the economy.

When people have more money to spend, laissez faire says that the market will improve and the overall quality of life will do the same.