Corporate responsibility for industrial incidents
Corporate responsibility for industrial incidents

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Free course

Corporate responsibility for industrial incidents

2.1 Economic and political doctrine of laissez-faire

The economic and political doctrine of laissez-faire prevailed and characterised the popular rhetoric in government and among other institutions in the UK. ‘Laissez faire’ originates from the French and translates literally as ‘allow to do’. However, it has since taken on particular meanings. In the first sense, the Oxford English Dictionary (2009) defines ‘laissez-faire’ as meaning ‘the policy of leaving things to take their own course; without interfering’. In the second dictionary sense, it has a meaning germane to economics: ‘abstention by governments from interfering in the workings of the free market’.

The legal legacy of the laissez-faire doctrine can still be seen in the development of English contract law, in particular, in the contractual doctrine of caveat emptor (let the buyer beware) and also the assumption that contractual parties have equal bargaining power.

W822_1

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to university level study, find out more about the types of qualifications we offer, including our entry level Access courses and Certificates.

Not ready for University study then browse over 900 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus