Merriam-Webster's word of the day is
laissez-faire
pronounced less-ay-FAIR
a noun
referring to an economic policy that allows businesses to operate with very little interference from the government
laissez-faire is also used as an adjective and often figuratively used to mean “hands-off”
1
: a doctrine opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights
2
: a philosophy or practice characterized by a usually deliberate abstention from direction or interference especially with individual freedom of choice and action
Originally French, the phrase laissez faire literally means allow to do. The origins of laissez-faire are associated with the Physiocrats, a group of 18th-century French economists who believed that government policy should not interfere with the operation of natural economic laws. The original phrase was laissez faire, laissez passer, with the second part meaning “let (things) pass.” Laissez-faire first showed up in an English context in the first half of the 19th century, can still mean “a doctrine opposing governmental interference in economic affairs.” However, it is also used in broader contexts in which a “hands-off” or “anything-goes” policy or attitude is adopted. It is frequently used as an adjective meaning “favoring a ‘hands-off’ policy.”
(taken from Merriam-Webster)
To see it in context or listen to the pronunciation, check the link: https://www.merriam-webster.com/word-of-the-day (November 20, 2023).
