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The myths of laissez-faire

In: Controversies in Economics and Finance

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Abstract

In this chapter three myths are examined, all of which pertain to the concept of laissez-faire, a French term that means ‘leave us alone’. The term can be traced back to an answer that Jean-Baptiste Colbert, comptroller general of finance under King Louis XIV, received when he asked business tycoons what the government could do to help them. It is a myth that the free market system enhances democracy. This myth goes hand in hand with the other myths of laissez-faire: the myth of the superiority of the free market system, the myth of the efficiency of the private sector relative to the public sector, and the myth that privatization boosts growth.

Suggested Citation

  • ., 2020. "The myths of laissez-faire," Chapters, in: Controversies in Economics and Finance, chapter 6, pages 123-146, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19689_6
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