DICTIONARY OF ECONOMICS AND BUSINESS
Laissez faire, laissez passer. French for "let things go ahead, let them occur." No governmental interference in the economy. The term was developed in the 18th century particularly by those opposed to mercantilism (q.v.)
Mercantilism. A political and economic theory that precious metals are the most important form of wealth and that an excess of exports over imports is the way of increasing the supply of these metals held by a country. Achievement of this end would require public control of exports, imports, prices, wages, etc.
Copyright 1959
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