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Economic Individualism – Laissez-Faire
In the late seventeenth century, Louis XIV reigned as King of France. His finance minister, Jean Baptiste Colbert, asked a manufacturer by the name of Legendre how the government might  help business. Legendre’s reply was “laissez nous faire” (leave us alone). The expression  has become a watchword and motto of market economy.
Today we interpret laissez-faire  means  that absence of government intervention  leads to economic individualism and economic freedom. Under laissez faire conditions, people’s economic activities are  their own private affairs. As consumers, they are free to spend their incomes as they  choose. As producers, they are  free to purchase the economic resources they  desire and to use these resources as they wish.
In reality, economic freedom is subject almost always to restraints imposed by society for the protection and general welfare of its citizens. Prohibitions against force and fraud are examples.Can you give some others? Can you explain why such restraints are  necessary? Read the text once again and answer the questions at the end of the text.