laissez-faire capitalism

Literally "leave-alone" capitalism. The idea that the government should have minimal interference with the economy. Generally, this means the reduction of taxes. People who have no pratical experience with reality usually think this is a good idea, but they're wrong. If you want to make them frustrated at their own stupidity, point out the government routinely bails out huge corporations like Chrysler from gigantic debt burdens. Then watch them squirm.

Every place where laissez-faire economics has been introduced -- Zambia, for instance, where it was imposed by the IMF -- an economic disaster has befallen. Of course, these supranational organizations don't see it that way; they're concerned about economic stability alone. By most standards, collapse of a country's medical and educational systems and reduction of life expectancy by 10 or so years would be considered a failure. Even Ronald Reagan, for all his free-market rhetoric, was one of our country's most protectionist presidents. (Although selectively protectionist.) His economic program was more Keynesian in character, considering the amount of money pumped into the Pentagon. Countries like South Korea and Taiwan happily ignore the dictates of the IMF -- and although Asia is in recession -- are the better for it.