Laissez-faire is a French term that literally means "Let do". It is the classical doctrine which emphasise that the economic affairs of society are best guided by the free decisions of individuals in the marketplace, and that government interference should be nearly excluded in economic matters. The term laissez-faire is often used interchangeably with the term "free market". It is generally understood to be a doctrine that maintains that private initiative and production should be left to roam free.
Supporters of laissez-faire oppose economic interventionism and taxation by the state beyond that which is perceived to be necessary to maintain individual liberty, peace, security, and property rights. In the laissez-faire paradigm, the state has no responsibility to engage in intervention to maintain a desired wealth distribution or to create a welfare state to protect people from poverty. Laissez-faire embodies the notion that a government should not be in the business of granting privileges. Advocates of laissez-faire economics are critical of mixed economies on the grounds that they lead to special interest-group politics.
Adam Smith
In 1776 Adam Smith published The Wealth of Nations, an enlightened account of political economy written at the dawn of the Industrial Revolution