Adam Smith was a Scottish philosopher during the Enlightenment who coined the term "Laissez-Faire" (Meaning "let do" in French) in his book titled "The Wealth of Nations" to describe an economic...
He was the first economist to identify trade as the source of wealth rather than a stock of individual resources, such as gold or silver. He theorized that the best thing to do would be to restrict...
Laissez faire translates as "Let it be," by this Smith meant that gornments had no place interfering in business practices or the economy. He felt that Capitalism would naturally regulate itself with...