An economy that relies chiefly on market forces to allocate goods and resources and to determine prices.
1The country may be moving toward a more laissez-faire economy.
2Explain Adam Smith's concept of an "invisible hand" in a laissez-faire economy, and give a modern-day example.
3The practical outcome of laissez-faire economy has been monopoly or finance capitalism functioning through the sovereign state or empire.
Translations for laissez-faire economy