Laissez-faire, (French: “allow to do”) policy of minimum governmental interference in the economic affairs of individuals and society. The pervading theory of the 19th century was that individuals, pursuing their own desired ends, would thereby achieve the best results for the society of which they were part.

Many Social Darwinists embraced laissez-faire capitalism and racism. They believed that government should not interfere in the “survival of the fittest” by helping the poor, and promoted the idea that some races are biologically superior to others.

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 and believes that economic success is more likely the less governments are involved in business.

Criticisms of Laissez-faire economics Can lead to inequality of wealth and income. Wealth and opportunity tend to get inherited, and those with limited opportunities, struggle to compete against established interests.

Pure capitalism means that the less government involvement in the economy, the better off are its citizens and businesses, as well as the entire economy. Laissez-faire roughly translates from French to mean “let do” or “leave alone.” In other words, there are no government controls, regulations, checks, and balances.

What is the difference between laissez-faire capitalism and socialism? Laissez-faire capitalism is an economic system that advocates that people with money, or capital, can use their money as they wish. Socialism advocates government control of the instruments of production, such as farms and factories.

According to Marx’s theory of historical materialism, societies pass through six stages — primitive communism, slave society, feudalism, capitalism, socialism and finally global, stateless communism.