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Laissez-faire is an economic philosophy advocating minimal government intervention in the economy, allowing individuals and businesses to operate freely. The term, which translates from French as "let do" or "let it be," emphasizes the belief that free markets and competition lead to the most efficient allocation of resources. Proponents argue that this approach fosters innovation and economic growth, while critics contend it can result in inequality and market failures without regulatory oversight.

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2w ago

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