Final answer:
Laissez-faire is a political system advocating for minimal government intervention in the economy.
Explanation:
Laissez-faire refers to a political system that enacts few restrictions on businesses, maintaining low taxes on private property. It advocates for minimal government intervention in the economy to allow for free-market capitalism. This approach was prominent in the U.S. during the late 1800s but led to anti-monopoly efforts and increased regulations by the early 20th century.
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