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The centuries-old doctrine known as laissez-faire is a government policy of economic (an(I social) nonintervention and is a cornerstone of capitalist economic philosophy. Phrases like "rugged individualism," "free trade," "market economics," "free enterprise," and "free competition" reflect a posture of laissez-faire, as does Thomas Jefferson's observation that "the least governed are the best governed."

While sources translate the term laissez-faire variously—as "allow to do," "leave it alone," "let things alone," and "let go and let pass," among other things—most agree that the expression originated with a 17th century French merchant, François Legendre, who was protesting his government's overregulation of commerce and industry. Subsequently, a group of late 18th century French economists known as the Physiocrats developed and popularized laissez-faire as...