Laissez Faire

Laissez-faire is used as a synonym for strict free market economics. It is generally understood to be a doctrine that maintains that private initiative and production are best allowed to be free of economic interventionism and taxation by the state.

Laissez-faire is supported by proponents of libertarianism, classical liberalism, neoliberalism, minarchism and Objectivism. Libertarians argue that the free market produces greater prosperity and personal freedom than other economic systems. The Austrian School of economics and the Chicago School of economics are important types of laissez-faire. Market anarchists take the idea of laissez-faire to its extreme by opposing all taxation, preferring law and order to be privately funded.