Laissez-faire is a French term that means "let do" or "let it be." It is an economic philosophy that advocates for minimal government intervention in the economy. Countries that follow laissez-faire policies generally have free-market economies, where businesses and individuals are free to make their own economic decisions without government interference.
Hong Kong is often cited as one of the most laissez-faire economies in the world. The government of Hong Kong has a minimal role in the economy, and the city has very low taxes and few regulations. As a result, Hong Kong has a highly developed and prosperous economy, with a high standard of living.
Singapore is another country that is often cited as an example of laissez-faire policies. The government of Singapore has a minimal role in the economy, and the country has a highly developed and prosperous economy. Singapore is known for its low taxes, free trade policies, and business-friendly environment.
New Zealand is also often cited as an example of a country with laissez-faire policies. The government of New Zealand has a minimal role in the economy, and the country has a highly developed and prosperous economy. New Zealand is known for its free-market policies, low taxes, and business-friendly environment.
Overall, countries with laissez-faire policies tend to have highly developed and prosperous economies, with a high standard of living. However, there are also criticisms of laissez-faire policies, including concerns about income inequality and the potential for market failures.