IGNOU BHIE 145 2025 2026 - Laissez Faire doctrine

Question

Laissez Faire doctrine

26 Jul 2025

Answer :

Word Count : 308

The doctrine of *laissez-faire*, a French term meaning "let do" or "let it be," was a central tenet of classical liberal economic theory that emerged prominently in Europe during the 18th and 19th centuries. Rooted in Enlightenment thought, it emphasized minimal government interference in the economic affairs of individuals and businesses. Thinkers like Adam Smith, whose seminal work *The Wealth of Nations* (1776) laid the intellectual foundation for this doctrine, argued that the free market, guided by the "invisible hand," would naturally lead to economic prosperity and efficiency. During the 19th century, especially in Britain, *laissez-faire* policies influenced industrialization. Governments refrained from

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