The average value of Virginia real estate was $5,000 per acre in 2008, compared to $4,900 in 2007. In West Virginia, real estate value climbed by $200 per acre in 2008, to $2,500 per acre from $2,300 per acre.
Definition. Laissez faire is the belief that economies and businesses function best when there is no interference by the government. It comes from the French, meaning to leave alone or to allow to do. It is one of the guiding principles of capitalism and a free market economy.
Written By: Free trade, also called laissez-faire, a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports). A free-trade policy does not necessarily imply, however, that a country abandons all control and taxation of imports and exports. 1  The theoretical case for free trade is based on Adam Smithâs argument that the division of labour among countries leads to specialization, greater efficiency, and higher aggregate production.