The governments of the United States, Canada, Britain, and West Germany collaborated on the 1980 theory. This approach supported rational expectations theories, supply-side macroeconomic strategies, and the privatization of public corporations in industrialized countries. For the emerging countries, however, it called for the free and laissez-faire markets, state-level planning, and government controls for diverse economic policies.
An economic doctrine from the 18th century called laissez-faire opposes any form of government meddling in commercial affairs. Laissez-faire, a French word that translates to "leave alone" (literally, "let you do"), is based on the idea that society as a whole will benefit from businesses operating with less interference from the government.
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