laissez-faire

(noun)

A policy of governmental non-interference in economic affairs.

Related Terms

Examples of laissez-faire in the following topics:

  • Free Enterprise

    • There are multiple variants of capitalism, including laissez faire, mixed economy, and state capitalism.
    • Economists usually emphasize the degree to which government does not have control over markets (laissez faire), as well as the importance of property rights.

  • Styles of Leadership

    • The laissez-faire leadership style was first described by Lewin, Lippitt, and White in 1938, along with the autocratic leadership and the democratic leadership styles.
    • The laissez-faire style is sometimes described as a "hands off" leadership style because the leader delegates the tasks to the followers while providing little or no direction.
    • Lassiez-faire leaders allow followers to have complete freedom to make decisions concerning the completion of their work.
    • The lassiez-faire leader using guided freedom provides the followers with all materials necessary to accomplish their goals, but does not directly participate in decision making unless the followers requests the leader's assistance.

  • Mixed Economies

    • Supporters view mixed economies as a compromise between state socialism and laissez-faire capitalism that is superior in net effect to either of those.

  • Economic Systems

    • Capitalist systems range from laissez-faire, with minimal government regulation and state enterprise, to regulated and social market systems, with the stated aim of ensuring social justice and a more equitable distribution of wealth or ameliorating market failures.

  • Fairness

    • Awareness of potential fairness pitfalls, and ensuring that all employees feel valued and equitably treated, can avoid a wide variety of ethical and operational problems, while maximizing employee performance through providing a healthy environment for people to flourish and grow.
    • To ensure an organization is fair, one must consider the concept of justice as a central pillar of what creates a fair environment (and what does not).
    • In answering these questions, there are three useful perspectives one can adopt in considering fairness in the organization:
    • When designing the procedure of a given work group, inclusion of everyone's perspectives can lead to substantially higher satisfaction, efficiency, and fairness.
    • The simplest examples of positive results due to a strong sense of ethical fairness in an organization include:

  • Fair Labor Standards Act

    • The Fair Labor Standards Act of 1938 established a national minimum wage, forbade "oppressive" child labor, and provided for overtime pay in designated occupations.
    • The category they fall in depends on rules established by the Fair Labor Standards Act.
    • The Fair Labor Standards Act of 1938 established a national minimum wage, forbade "oppressive" child labor, and provided for overtime pay in designated occupations.
    • Explain the specifications of the Fair Labor Standards Act of 1938 (FLSA)

  • Fair Labor Standards Act

    • The Fair Labor Standards Act (FLSA) established a national minimum wage, "time-and-a-half" for overtime in certain jobs, and etc.
    • The October 26, 1949 Fair Labor Standards Amendment included changes to overtime compensation, defined a "regular rate," redefined the term "produced," raised the minimum wage from 40 cents to 75 cents per hour, and extended child labor coverage.

  • Pay

    • Why did he or she decide that was fair?
    • The manager looks at the internal and external equity to determine that $8.00 an hour is a fair base pay for workers.
    • Why did he or she decide that was fair?
    • In this subchapter, we will cover the two types of "fairness" important in designing a base pay system.
    • Combine internal equity and external equity analysis to determine fair pay

  • Partnerships

    • For example, every year large US businesses recruit new employees using booths at career fairs across the country.
    • Such a career fair program is not significant enough for the company to enter into a strategic partnership with an employment service to perform hiring at career fairs, but finding employees with the necessary skills is still very important.
    • Regional managers will likely be responsible for this job and they may form a relational partnership with the organizations that host the job fairs in their area to ensure that when the job fairs are planned the representative company will be included.

  • Equal Pay Act

    • Federal law amending the Fair Labor Standards Act aimed at abolishing wage disparity based on sex.
    • The Equal Pay Act of 1963 is a United States federal law amending the Fair Labor Standards Act, aimed at abolishing wage disparity based on sex.
    • Nonetheless, the EPA's equal pay for equal work goals have not been completely achieved, as demonstrated by the BLS data and Congressional findings within the text of the proposed Paycheck Fairness Act.