<Tr> <Td> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> </Td> </Tr> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> Laissez - faire (/ ˌlɛseɪˈfɛər /; French: (lɛsefɛʁ) (listen); from French: laissez faire, lit .' let do') is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies . The phrase laissez - faire is part of a larger French phrase and basically translates to "let (it / them) do", but in this context usually means to "let go". </P> <P> The term laissez faire likely originated in a meeting that took place around 1681 between powerful French Comptroller - General of Finances Jean - Baptiste Colbert and a group of French businessmen headed by M. Le Gendre . When the eager mercantilist minister asked how the French state could be of service to the merchants and help promote their commerce, Le Gendre replied simply "Laissez - nous faire" ("Leave it to us" or "Let us do (it)," the French verb not having to take an object). </P>

When economist use the term laissez-faire what economic idea are they referring to