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lais·sez–faire, noun \ˌle-ˌsā-ˈfer, ˌlā-, -ˌzā-\
1: a doctrine opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights
2: a philosophy or practice characterized by a usually deliberate abstention from direction or interference especially with individual freedom of choice and action
Etymology:
French laissez faire, imperative of laisser faire to let (people) do (as they choose)
First Known Use: 1825
Further historical info: http://www.britannica.com/EBchecked/topic/328028/laissez-faire
