Answer Posted / Manju Lata

Laissez-faire is an economic system characterized by minimal government intervention in the economy. The main defining points of laissez-faire include: 1. Free markets (no government regulation or control over prices, wages, or production), 2. Private property rights (individuals and businesses have the right to own and control their property), 3. Freedom of contract (individuals are free to enter into agreements with one another without government interference), 4. Non-interventionism (the government does not interfere in foreign affairs or international trade), and 5. Limited role for the state (the government's primary function is to enforce contracts, protect property rights, and maintain public order).

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