laissez faire

From the government allowing the business world to set its own course to your babysitter who let you do whatever you wanted — if something is laissez faire, it's "hands off."

Laissez faire, typically pronounced "LAY-zay fair," was originally a French economic term meaning “allow to do,” as in: the government does not interfere in the marketplace. For example, if a product is poorly made, people won't buy it — no need for the government to step in. Parents can take a laissez faire approach — no curfews or set rules, hoping their kids will stay out of trouble by doing the right thing.

Definitions of laissez faire
1

n the doctrine that government should not interfere in commercial affairs

Synonyms:
individualism
Type of:
doctrine, ism, philosophical system, philosophy, school of thought
a belief (or system of beliefs) accepted as authoritative by some group or school