LAISSEZ-FAIRE ECONOMY

Pronunciation (US):

(GB):

 I. (noun) 

Sense 1

Meaning:

An economy that relies chiefly on market forces to allocate goods and resources and to determine prices

Synonyms:

free enterprise; laissez-faire economy; market economy; private enterprise

Classified under:

Nouns denoting groupings of people or objects

Hypernyms ("laissez-faire economy" is a kind of...):

economic system; economy (the system of production and distribution and consumption)

Hyponyms (each of the following is a kind of "laissez-faire economy"):

capitalism; capitalist economy (an economic system based on private ownership of capital)

Credits