1. What is a laissez-faire economy?

Laissez-faire

Explanation:

is an economic system in which transactions between private groups of people are free from or almost free from any form of economic interventionism such as regulation and subsidies. As a system of thought, laissez-faire rests on the axioms that the individual is the basic unit in society and has a natural right to freedom; that the physical order of nature is a harmonious and self-regulating system; and that corporations are creatures of the state and therefore the citizens must watch them closely due to their propensity to disrupt the Smithian spontaneous order.

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