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.
Laissez-faire policy is that the government would abstain from interfering in the free market. Adam Smith believed that the combination of the two would result in free trade capitalism. a free market economy. Capitalism is a system in which a nation's trade and industry are operated privately for profit by private owners, rather than by the government.