In the wake of the Great Depression in the early 20th century, laissez-faire yielded to Keynesian economics—named for its originator, the British economist John Maynard Keynes—which held that government could relieve unemployment and increase economic activity through appropriate tax policies and public expenditures.
Keynes' father was an advocate of laissez-faire economics, an economic philosophy of free-market capitalism that opposes government intervention.
1926THE END OF LAISSEZ-FAIRE, 1926.Jan 20, 2016
The Physiocrats proclaimed laissez-faire in 18th-century France, placing it at the very core of their economic principles and famous economists, beginning with Adam Smith, developed the idea.
Keynes set forward the ideas that became the basis for Keynesian economics in his main work, The General Theory of Employment, Interest and Money (1936). It was written during the Great Depression, when unemployment rose to 25% in the United States and as high as 33% in some countries.
allow to doThe French phrase laissez faire literally means "allow to do," with the idea being "let people do as they choose." 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 ...
In laissez-faire policy, the government's role is to protect the rights of the individual, rather than regulating business in any way. The term 'laissez-faire' translates to 'leave alone' when it comes to economic intervention. This means no taxes, regulations, or tariffs.