Laissez-faire (/ˌlɛseɪˈfɛr-/, French: [lɛsefɛʁ]) is an economic system in which transactions between private parties are free from government interference such as regulations, privileges, tariffs, and subsidies. The phrase laissez-faire is part of a larger French phrase and literally translates to "let (it/them) go", but in this context usually means to "let go".
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