Competitive Exams: Political Science Study Material: Glossary L
Political Science Glossary: L
Laissez-faire is the doctrine that the government of a state should have no control at all over economic matters. It is especially associated with 19th-century Liberalism, but is by no means absent from the modern world. In origin it was a liberal opposition to traditional, semi-feudal, monopolistic patterns in which the state involved itself in direct control of aspects of the economy for general purposes of policy. It later came to signify opposition to any governmental infringement on the absolute freedom of contract, because it was believed that maximal economic performance was possible only where the market forces of supply and demand were allowed to find their own balance, under which conditions everyone, whether entrepreneur or unskilled worker, would be better off:
It refers to the last session of an existing Parliament when the elections to the new Parliament are announced and are shortly due. In fact, those members of the existing Parliament are called Lame-Duck, who could not find place in the new Parliament.