An economic belief supported by the U.S. that opposes the government regulating business. In the late 1800?s businesses operated without much government regulation. This is known as laissez-faire economics. Laissez-faire means ?allow to be? in French. Laissez faire supports our economic system of capitalism Economic system characterized by private property ownership Individuals and companies compete for their own economic gain (Profit) Capitalists determine the prices of goods and services. Production and distribution are privately or corporately owned. Reinvestment of profits Supports laissez faire and the ?free enterprise? system Economic system based on cooperation rather than competition Believes in government ownership of business and capital