The ________ approach to national economics calls for less government interference in commerce and greater individual economic freedom.

Question

Quizplus · Accepted Answer

The term "laissez-faire" means "let do" and refers to an economic system where the government takes a "hands-off" approach to regulating businesses and allows for free market competition and individual economic freedom. This stands in contrast to a centrally planned economy, where the government controls most aspects of commerce, and a totalitarian system, where the government has complete control over all aspects of citizens' lives, including their economic activities. Guanxi is a Chinese term referring to personal connections and relationships that are important in business and government dealings in Chinese culture.

The ________ Approach to National Economics Calls for Less Government