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Basic Principles of A Laissez-Faire Economy: Supply and Demand
Basic Principles of A Laissez-Faire Economy: Supply and Demand
1. Protectionism
2. Antitrust laws
Advantages of Laissez-faire
1. Autonomy
2. Innovation
3. Absence of taxes
Lastly, the absence of taxes leaves companies and employees alike with
greater spending power. It also discourages corruption that can arise as a
result of bureaucrats with limited knowledge but immense decisive power.
Disadvantages of Laissez-faire
1. Income inequality
Final Word