What is laissez-faire as an economic doctrine?
To understand laissez-faire as an economic doctrine it is necessary, first, to define capitalism. I define capitalism as the Random House Dictionary of the English Language (1966; first edition) defines it — as an economic system “in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations.” (pg. 200 of the (shorter) College Edition) (Private here includes corporate ownership. Though corporate enterprises seem to me voluntary collectives, they are usually considered to be privately owned.
