laissez-faire

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The Word of the Day for July 30 is: 

laissez-faire   \leh-say-FAIR\   noun
    *1 : a doctrine opposing governmental interference in economic affairs 
beyond the minimum necessary for the maintenance of peace and property rights
     2 : a philosophy or practice characterized by a usually deliberate 
abstention from direction or interference especially with individual freedom of 
choice and action

Example sentence:
     Calvin Coolidge, our 30th president, was a firm believer in small 
government and the principles of laissez-faire. 

Did you know?
     The French phrase "laissez-faire" literally means "allow to do," with the 
idea being "let people do as they choose," or simply "leave things alone." The 
origins of "laissez-faire" are associated with the Physiocrats, a group of 
18th-century French economists who believed that government policy should not 
interfere with the operation of natural economic laws. The actual coiner of the 
phrase may have been French economist Vincent de Gournay, or it may have been 
Francois Quesnay, considered the group's founder and leader. The original 
phrase was "laissez faire, laissez passer," with the second part meaning "let 
(things) pass." "Laissez-faire," which first showed up in an English context in 
1825, is still most often a term of economics, but it is also used in broader 
contexts in which a "hands-off" or "anything-goes" policy or attitude is 
adopted. 

*Indicates the sense illustrated in the example sentence.