Laissez - faire is a belief the government should not intervene in the economic system or moderate it.
It is a belief that an economic system should be driven only by the market forces. This belief was proposed by Adam Smith, a Scottish economist who believed that human beings are naturally motivated by self-interest and when they are not interfered with in their economic activities, a balanced system of production and exchange based on mutual benefit emerges.
Laissez-faire is a French phrase meaning allow to pass, or let go.