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What are three important elements of the concept of laissez-faire capitalism?

There are several elements to the laissez-faire philosophy. One critical element is that the government should intervene as little as possible in the economy. When things go poorly in the economy, the government should stay out and not try to fix it. Too much government involvement hinders the economy.


Another concept of the laissez-faire philosophy is that the economy will go through good cycles and bad cycles. During bad times, the government should just wait things out and eventually good times will return. Our economy is cyclical and will experience good periods and bad periods.


A third key element of this philosophy is that businesses should have a lot of freedom to make their own decisions. Too many rules and regulations restrict business activities. These rules and regulations make it more difficult to conduct business and to make a profit. Businesses want to be free to do the things they want to do without too many government rules and regulations.


Laissez-faire principles were very dominant in our country during the 1920s.

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