Laissez-faire
Where transactions between private parties are free from any form of government intervention
Real World Example
Laissez-faire is a concept from the Enlightenment that emphasizes minimal government interference in economic matters, allowing businesses to operate freely. During the American Revolution (1700-1800), this idea was important because it opposed the strict controls and taxes imposed by the British, aligning with the desire for economic independence. It responded to problems like restrictive trade practices and the belief that economies could thrive with less government control. Today, laissez-faire impacts everyday life by influencing debates on regulations and market freedom, such as discussions about how much the government should regulate internet companies. For example, if a local coffee shop can operate without excessive regulations, it might offer better prices and products, benefiting both the business and its customers.
Practice Version
