Laissez-faire (18TH CENTURY)
A doctrine proposed by the Physiocrats in France, whose principle of ‘Laissez-faire, laissez-passer’ (literally, allow to act, allow to pass) was later adopted by such classical economists as the Scottish Adam Smith (1723-1790). Laissez-faire advocates nonintervention or minimum intervention by government in the economic affairs of a country. Also see: physiocracy, mercantilism, economic liberalism, new classical macroeconomics Source: J Viner,