Discussion
Which one of the following is known as Laissez faire ?
Answer: B
Laissez faire means a policy of non-interference by the state.
The French phrase means 'let do' or 'leave alone'. It was the slogan of the eighteenth-century Physiocrats and became the watchword of classical liberal economics: the state should keep out of trade and industry and leave prices, wages and production to private individuals and the market.
'Right to interfere' is the opposite idea. The third option inverts the meaning, since laissez faire asks that individuals be left alone to do what they like. With a correct option present, 'None of the above' does not apply.
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