Laissez-faire is an economic philosophy that advocates minimal government intervention in the marketplace. It suggests that free markets operate best when individuals and businesses are allowed to make their own decisions without regulatory constraints. This approach is based on the belief that competition and self-interest drive innovation and efficiency. The term originated in 18th-century France and is often associated with the ideas of economists like Adam Smith. In a laissez-faire system, the role of the government is limited to protecting property rights and maintaining order, allowing supply and demand to dictate prices and production.