Who introduced the concept of laissez-faire? introduced the concept of laissez-faire, which means government interference in the functioning of an economy.

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08-06-2017
Social Studies

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Who introduced the concept of laissez-faire? introduced the concept of laissez-faire, which means government interference in the functioning of an economy.

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likableadvisers likableadvisers · Answer 1 · 2019-02-01T20:16:01+01:00

Adam Smith

In the second half of the eighteenth century, in the heat of the English Industrial Revolution, Adam Smith played a very important role in the popularization of economic theories of laissez-faire, being considered the father of theories of free market or free trade. Although there were precursors of these theories for example in medieval Persia such as Al Ghazali and Al Tusi. Adam Smith understood this term as the "nonintervention" of the State in an economic life, mainly in the field of production.

kelseymitrovich kelseymitrovich · Answer 2 · 2021-11-18T16:02:06+01:00

Answer:

Adam Smith introduced the concept of laissez-faire, which means minimal government interference in the functioning of an economy.

Explanation:

The policy of minimum governmental interference in the economic affairs of individuals and society. ... The policy of laissez-faire received strong support in classical economics as it developed in Great Britain under the influence of the philosopher and economist Adam Smith.