Laissez-faire (French meaning “free todo”) is a term referring to the belief that governments should let economic activity take place without interference. The small government, however, is not a laissez-faire government that Adam Smith optimistically sketched. It does not adopt the system of individual freedom an innovation where free individuals’ self-interested innovations contribute to the overall well-being of society.
The philosophical view of Lao Tzu founder of Taoism referred Lassez-faire to as noble savages live a natural, free, and peaceful life. In the book, Tao-Te-Ching (translated “Old Man” or “Old Teacher”) writes Lao Tzu the following passage: “Yield and overcome, Empty and become full, Bend and become straight.” The passage has awakened many studies and schools of anti-authoritarian minds as a way of solving conflicts in a peaceful way.
In the recent decades have seen a global decrease in unions’ power but there has been a corresponding expansion in substantive employment rights. UK collective actions are the older form of protection. It was extreme until the 1970s when system was characterized as “collective laissez-faire”; law rarely interfered except to grant immunities to trade unions to strengthen their role in collective bargaining. However, after the 70s the regulatory system recognized intensive labour rights.
sources and useful information
- Encyclopedia of Global Justice editor Deen K. Chatterjee. published 20111 by Springer Science and Business