Laissez+Faire+Capitalism

Laissez-faire economics is the concept of having a 'hands off' economy, or one where the government lets the market run by itself without any interference. The idea was thought up by the professor Adam Smith, now known as the father of capitalism, in his essay called The Wealth of Nations.

Sources: http://www.econlib.org/library/Enc/bios/Smith.html Created by Elizabeth Thompson Want to return to Unit 7/ Unit 8 terms? Click here!