Laissez-faire

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Laissez-faire (

Vincent de Gournay.[2]

Another basic principle of laissez-faire holds that markets should naturally be competitive, a rule that the early advocates of laissez-faire always emphasized.[1]

The Physiocrats were early advocates of laissez-faire and advocated for a impôt unique, a tax on land rent to replace the "monstrous and crippling network of taxation that had grown up in 17th century France".[3] Their view was that only land should be taxed because land is not produced but a naturally existing resource, meaning a tax on it would not be taking from the labour of the taxed, unlike most other taxes.[4][clarification needed]

Proponents of laissez-faire argue for a near complete separation of government from the economic sector.[5][verification needed] The phrase laissez-faire is part of a larger French phrase and literally translates to "let [it/them] do", but in this context the phrase usually means to "let it be" and in expression "laid back".[6] Although never practiced with full consistency, laissez-faire capitalism emerged in the mid-18th century and was further popularized by Adam Smith's book The Wealth of Nations.[7][8]

Etymology and usage

The term laissez-faire likely originated in a meeting that took place around 1681 between powerful French

Controller-General of Finances Jean-Baptiste Colbert and a group of French businessmen headed by M. Le Gendre. When the eager mercantilist minister asked how the French state could be of service to the merchants and help promote their commerce, Le Gendre replied simply: "Laissez-nous faire" ("Leave it to us" or "Let us do [it]", the French verb not requiring an object).[9]

The anecdote on the Colbert–Le Gendre meeting appeared in a 1751 article in the Journal économique, written by French minister and champion of

René de Voyer, Marquis d'Argenson—also the first known appearance of the term in print.[10]
Argenson himself had used the phrase earlier (1736) in his own diaries in a famous outburst:

Laissez faire, telle devrait être la devise de toute puissance publique, depuis que le monde est civilisé [...]. Détestable principe que celui de ne vouloir grandir que par l'abaissement de nos voisins ! Il n'y a que la méchanceté et la malignité du cœur de satisfaites dans ce principe, et l'intérêt y est opposé. Laissez faire, morbleu ! Laissez faire !![11]

Let go, which should be the motto of all public power, since the world was civilized [...]. [It is] a detestable principle of those that want to enlarge [themselves] but by the abasement of our neighbours. There is but the wicked and the malignant heart[s] [who are] satisfied by this principle and [its] interest is opposed. Let go, for God's sake! Let go!![12]

— René Louis de Voyer de Paulmy d'Argenson

Vincent de Gournay, a French Physiocrat and intendant of commerce in the 1750s, popularized the term laissez-faire as he allegedly adopted it from François Quesnay's writings on China.[13] Quesnay coined the phrases laissez-faire and laissez-passer,[14] laissez-faire being a translation of the Chinese term wu wei (無為).[15] Gournay ardently supported the removal of restrictions on trade and the deregulation of industry in France. Delighted with the Colbert–Le Gendre anecdote,[16] he forged it into a larger maxim all his own: "Laissez faire et laissez passer" ("Let do and let pass"). His motto has also been identified as the longer "Laissez faire et laissez passer, le monde va de lui même !" ("Let do and let pass, the world goes on by itself!"). Although Gournay left no written tracts on his economic policy ideas, he had immense personal influence on his contemporaries, notably his fellow Physiocrats, who credit both the laissez-faire slogan and the doctrine to Gournay.[17]

Before d'Argenson or Gournay, P. S. de Boisguilbert had enunciated the phrase "On laisse faire la nature" ("Let nature run its course").[18] D'Argenson himself during his life was better known for the similar, but less-celebrated motto "Pas trop gouverner" ("Govern not too much").[19]

The Physiocrats proclaimed laissez-faire in 18th-century France, placing it at the very core of their economic principles and famous economists, beginning with Adam Smith, developed the idea.[20] It is with the Physiocrats and the classical political economy that the term laissez-faire is ordinarily associated.[21] The book Laissez Faire and the General-Welfare State states: "The physiocrats, reacting against the excessive mercantilist regulations of the France of their day, expressed a belief in a 'natural order' or liberty under which individuals in following their selfish interests contributed to the general good. Since, in their view, this natural order functioned successfully without the aid of government, they advised the state to restrict itself to upholding the rights of private property and individual liberty, to removing all artificial barriers to trade, and to abolishing all useless laws."[20]

The French phrase laissez-faire gained currency in English-speaking countries with the spread of Physiocratic literature in the late 18th century. George Whatley's 1774 Principles of Trade (co-authored with Benjamin Franklin) re-told the Colbert-LeGendre anecdote; this may mark the first appearance of the phrase in an English-language publication.[22]

Herbert Spencer was opposed to a slightly different application of laissez faire—to "that miserable laissez-faire" that leads to men's ruin, saying: "Along with that miserable laissez-faire which calmly looks on while men ruin themselves in trying to enforce by law their equitable claims, there goes activity in supplying them, at other men's cost, with gratis novel-reading!"[23]

As a product of the Enlightenment, laissez-faire was "conceived as the way to unleash human potential through the restoration of a natural system, a system unhindered by the restrictions of government".[1] In a similar vein, Adam Smith[when?] viewed the economy as a natural system and the market as an organic part of that system. Smith saw laissez-faire as a moral program and the market its instrument to ensure men the rights of natural law.[1] By extension, free markets become a reflection of the natural system of liberty.[1] For Smith, laissez-faire was "a program for the abolition of laws constraining the market, a program for the restoration of order and for the activation of potential growth".[1]

However, Smith

Anti-Corn Law League (founded 1838), the term received much of its English meaning.[25][need quotation to verify
]

Smith first used the metaphor of an

Fable of the Bees (1705). In political economy, that idea and the doctrine of laissez-faire have long been closely related.[27] Some have characterized the invisible-hand metaphor as one for laissez-faire,[28] although Smith never actually used the term himself.[24] In Third Millennium Capitalism (2000), Wyatt M. Rogers Jr. notes a trend whereby recently "conservative politicians and economists have chosen the term 'free-market capitalism' in lieu of laissez-faire".[29]

American

Manchesterism".[30]

History

Europe

Main article: Economic liberalism
See also: Classical liberalism

In Europe, the laissez-faire movement was first widely promoted by the

Comptroller-General of Finances Joseph Marie Terray revoked the edict allowing free trade in grain.[32]

The doctrine of laissez-faire became an integral part of

free competition in the sphere of economics, seeing the state as merely a passive policeman, protecting private property and administering justice, but not interfering with the affairs of its citizens. Businessmen, British industrialists in particular, were quick to associate these principles with their own economic interests.[20] Many of the ideas of the physiocrats spread throughout Europe and were adopted to a greater or lesser extent in Sweden, Tuscany, Spain and in the newly created United States. Adam Smith, author of The Wealth of Nations (1776), met Quesnay and acknowledged his influence.[33]

In Britain, the newspaper

Malthus argued that there was nothing that could be done to avoid famines because he felt he had mathematically proven that population growth tends to exceed growth in food production. However, The Economist campaigned against the Corn Laws that protected landlords in the United Kingdom of Great Britain and Ireland against competition from less expensive foreign imports of cereal products. The Great Famine in Ireland in 1845 led to the repeal of the Corn Laws in 1846. The tariffs on grain which kept the price of bread artificially high were repealed.[36] However, repeal of the Corn Laws came too late to stop the Irish famine, partly because it was done in stages over three years.[37]

A group that became known as the

Manchester Liberals, to which Richard Cobden (1804–1865) and John Bright (1811–1889) belonged, were staunch defenders of free trade. After the death of Cobden, the Cobden Club (founded in 1866) continued their work.[38] The breakdown of laissez-faire as practised by the British Empire was partly led by British companies eager for state support of their positions abroad, in particular British oil companies.[39]

In Italy, philosopher

Austrian School economist Eugen von Böhm-Bawerk argues that the differences between the economical concept of liberism[46] and the economical consequences of liberalism[47][48] can be summarized by saying that "A market is a law system. Without it, the only possible economy is the street robbery."[49]

United States

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Frank Bourgin's study of the Constitutional Convention and subsequent decades argues that direct government involvement in the economy was intended by the Founding Fathers.[50] The reason for this was the economic and financial chaos the nation suffered under the Articles of Confederation. The goal was to ensure that dearly-won political independence was not lost by being economically and financially dependent on the powers and princes of Europe. The creation of a strong central government able to promote science, invention, industry and commerce was seen as an essential means of promoting the general welfare and making the economy of the United States strong enough for them to determine their own destiny. Others view Bourgin's study, written in the 1940s and not published until 1989, as an over-interpretation of the evidence, intended originally to defend the New Deal and later to counter Ronald Reagan's economic policies.[51]

Historian Kathleen G. Donohue argues that in the 19th century

District of Columbia. In contrast to Hamilton and the Federalists was Thomas Jefferson and James Madison's opposing political party, the Democratic-Republicans
.

Most of the early opponents of laissez-faire capitalism in the United States subscribed to the

Pacific Railway Acts provided the development of the First transcontinental railroad.[53][54] To help pay for its war effort in the Civil War, the United States government imposed its first personal income tax on 5 August 1861 as part of the Revenue Act of 1861
(3% of all incomes over US$800; rescinded in 1872).

Following the Civil War, the movement towards a

free enterprise with a progressive income tax and in which from time to time the government stepped in to support and protect American industry from competition from overseas. For example, in the 1980s the government sought to protect the automobile industry by "voluntary" export restrictions from Japan.[55]

In 1986, Pietro S. Nivola wrote: "By and large, the comparative strength of the dollar against major foreign currencies has reflected high U.S. interest rates driven by huge federal budget deficits. Hence, the source of much of the current deterioration of trade is not the general state of the economy, but rather the government's mix of fiscal and monetary policies – that is, the problematic juxtaposition of bold tax reductions, relatively tight monetary targets, generous military outlays, and only modest cuts in major entitlement programs. Put simply, the roots of the trade problem and of the resurgent protectionism it has fomented are fundamentally political as well as economic".[56]

A more recent advocate of total laissez-faire has been

individual rights (including property rights)[58] and she considered laissez-faire capitalism the only moral social system because in her view it was the only system based on the protection of those rights.[59] She opposed statism, which she understood to include theocracy, absolute monarchy, Nazism, fascism, communism, socialism and dictatorship.[60] Rand believed that natural rights should be enforced by a constitutionally limited government.[61] Although her political views are often classified as conservative or libertarian, she preferred the term "radical for capitalism". She worked with conservatives on political projects, but disagreed with them over issues such as religion and ethics.[62] She denounced libertarianism, which she associated with anarchism.[63] She rejected anarchism as a naïve theory based in subjectivism that could only lead to collectivism in practice.[64]

Models

Capitalism

Main article: Capitalism
See also: Neoliberalism

A closely related name for laissez-faire capitalism is that of raw, pure, or unrestrained capitalism, which refers to capitalism free of any regulations,[65] with low or minimal[66] government and operating almost entirely on the profit motive. It shares a similar economic conception with anarcho-capitalism.

Advocates of laissez-faire capitalism argue that it relies on a constitutionally limited government that unconditionally bans the initiation of force and coercion, including fraud. Therefore, free market economists such as Milton Friedman and Thomas Sowell argue that, under such a system, relationships between companies and workers are purely voluntary and mistreated workers will seek better treatment elsewhere. Thus, most companies will compete for workers on the basis of pay, benefits, and work-life balance just as they compete with one another in the marketplace on the basis of the relative cost and quality of their goods.[67][non-primary source needed][68][non-primary source needed]

So-called "raw" or "hyper-capitalism" is a major motif of cyberpunk in dystopian works such as Syndicate.[69][70]

Socialism

Main article: Socialism
See also:
Free-market anarchism, Market socialism, and Socialist economics

Although laissez-faire has been commonly associated with

pro-labor positions in economics; anti-imperialism in foreign policy; and thoroughly radical views regarding such cultural issues as gender, sexuality and race.[91][92] Critics of laissez-faire as commonly understood argues that a truly laissez-faire system would be anti-capitalist and socialist.[93][94]

Kevin Carson describes his politics as on "the outer fringes of both free market

marginalist critiques into the labor theory of value.[99]

In response to claims that he uses the term capitalism incorrectly, Carson says he is deliberately choosing to resurrect what he claims to be an old definition of the term to "make a point". He claims that "the term 'capitalism,' as it was originally used, did not refer to a free market, but to a type of statist class system in which capitalists controlled the state and the state intervened in the market on their behalf".[100] Carson holds that "capitalism, arising as a new class society directly from the old class society of the Middle Ages, was founded on an act of robbery as massive as the earlier feudal conquest of the land. It has been sustained to the present by continual state intervention to protect its system of privilege without which its survival is unimaginable".[101] Carson argues that in a truly laissez-faire system the ability to extract a profit from labor and capital would be negligible.[102] Carson coined the pejorative term vulgar libertarianism, a phrase that describes the use of a free market rhetoric in defense of corporate capitalism and economic inequality. According to Carson, the term is derived from the phrase vulgar political economy which Karl Marx described as an economic order that "deliberately becomes increasingly apologetic and makes strenuous attempts to talk out of existence the ideas which contain the contradictions [existing in economic life]".[103]

Gary Chartier offers an understanding of

redistribution by individual persons is often morally required, but as a response by individuals and grass-roots networks to particular circumstances rather than as a state-driven attempt to achieve a particular distributive pattern.[106] He advances detailed arguments for workplace democracy rooted in such natural law principles as subsidiarity,[107] defending it as morally desirable and as a likely outcome of the elimination of injustice rather than as something to be mandated by the state.[108]

Chartier has discussed natural law approaches to

boycotts.[111] He has argued that proponents of genuinely freed markets should explicitly reject capitalism and identify with the global anti-capitalist movement while emphasizing that the abuses the anti-capitalist movement highlights result from state-tolerated violence and state-secured privilege rather than from voluntary cooperation and exchange. According to Chartier, "it makes sense for [freed-market advocates] to name what they oppose 'capitalism.' Doing so calls attention to the freedom movement's radical roots, emphasizes the value of understanding society as an alternative to the state, underscores the fact that proponents of freedom object to non-aggressive as well as aggressive restraints on liberty, ensures that advocates of freedom aren't confused with people who use market rhetoric to prop up an unjust status quo, and expresses solidarity between defenders of freed markets and workers — as well as ordinary people around the world who use "capitalism" as a short-hand label for the world-system that constrains their freedom and stunts their lives".[101][112]

Criticism

Further information: Criticism of capitalism

Over the years, a number of economists have offered critiques of laissez-faire economics. Adam Smith acknowledges some moral ambiguities towards the system of capitalism.[113] Smith had misgivings concerning some aspects of each of the major character-types produced by modern capitalist society, namely the landlords, the workers and the capitalists.[113] Smith claimed that "[t]he landlords' role in the economic process is passive. Their ability to reap a revenue solely from ownership of land tends to make them indolent and inept, and so they tend to be unable to even look after their own economic interests"[113] and that "[t]he increase in population should increase the demand for food, which should increase rents, which should be economically beneficial to the landlords". According to Smith, the landlords should be in favour of policies which contribute to the growth in the wealth of nations, but they often are not in favour of these pro-growth policies because of their own indolence-induced ignorance and intellectual flabbiness.[113] Smith stated clearly that he believed that without morality and laws, society would fail. From that perspective, it seems dubious that Smith supported a pure Laissez-Faire style of capitalism, and the ideas he supports in The Wealth of Nations is heavily dependent on the moral philosophy from his previous work, Theory of Moral Sentiment.[114]

Many philosophers have written on the systems society has created to manage their civilizations.

war of all against all". Further, "In such condition, there is no place for industry; because the fruit thereof is uncertain ... continual fear and danger of violent death, and the life of man solitary, poor, nasty, brutish, and short."[115]

Regardless of preferred political preference, all societies require shared moral values as a prerequisite on which to build laws to protect individuals from each other. Adam Smith wrote Wealth of Nations during the Enlightenment, a period of time when the prevailing attitude was, "All things can be Known." In effect, European thinkers, inspired by the likes of Isaac Newton and others, set about to "find the laws" of all things, that there existed a "natural law" underlying all aspects of life. They believed that these could be discovered and that everything in the universe could be rationally demystified and catalogued, including human interactions.[116]

Critics and

David McNally argue in the Marxist tradition that the logic of the market inherently produces inequitable outcomes and leads to unequal exchanges, arguing that Smith's moral intent and moral philosophy espousing equal exchange was undermined by the practice of the free market he championed. According to McNally, the development of the market economy involved coercion, exploitation and violence that Smith's moral philosophy could not countenance.[117]

The British economist John Maynard Keynes condemned laissez-faire economic policy on several occasions.[118] In The End of Laissez-faire (1926), one of the most famous of his critiques, Keynes argues that the doctrines of laissez-faire are dependent to some extent on improper deductive reasoning and says the question of whether a market solution or state intervention is better must be determined on a case-by-case basis.[119]

The

central banking control was inescapable.[120]

Karl Polanyi's Great Transformation criticizes self-regulating markets as aberrational, unnatural phenomena which tend towards social disruption.[121][122]

In modern economics laissez-faire typically has a bad connotation, which hints towards a perceived need for restraint due to social needs and securities that can not be adequately responded to by companies with just a motive for making profit.

nation-state to temper raw capitalism. The power of voters has offset the power of capital. But as national barriers have come down in the name of freer commerce, so has the capacity of governments to manage capitalism in a broad public interest. So the real issue is not 'trade' but democratic governance".[123]

The main issues of raw capitalism are said to lie in its disregard for quality, durability, sustainability, respect for the environment and human beings as well as a lack of morality.[124] From this more critical angle, companies might naturally aim to maximise profits at the expense of workers' and broader social interests.[125]

See also

References

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