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laissez-faire capitalism theory contends that the means of production and distribution should be privately owned and operated for a profit with minimal or no government interference.
What is laissez-faire capitalism?
Laissez-faire is a free-market, capitalist economic theory that rejects government interference. The French Physiocrats, who lived in the 18th century, created the laissez-faire ideology. According to proponents of laissez-faire, government involvement in industry and markets hinders economic progress. Because it gives people the greatest incentive to build wealth, laissez faire is ideal for economic progress. You cannot demand that people give you money while wearing a robe and a crown under laissez-faire capitalism.
The American economy is heterogeneous, showing elements of both capitalism and socialism. When it comes to the utilization of capital, such a mixed economy supports the free market, but it also permits government involvement for the greater good.
Hence, laissez-faire capitalism theory contends that the means of production and distribution should be privately owned and operated for a profit with minimal or no government interference.
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