Explanation: Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention.

• The theory of laissez-faire was developed by the French Physiocrats during the 18th century.
• Laissez-faire advocates that economic success is inhibited when governments are involved in business and markets.
• Later free-market economists built on the ideas of laissez-faire as a path to economic prosperity, though detractors have criticized it for promoting inequality.

Source: Ramesh Singh