Laissez-faire (Fr: "leave be") refers to market policies that, appropriately enough, let things be by reducing economical regulation and government interference to a minimum.
Basically it means that if rich people use economic power to take advantage of the rest the state shouldn't prevent them. It looks like lazy-fair, which is basically how the a few capitalists take it, they think themselves being lazy and rich is fair. Those aren't the worst capitalists. The worst capitalists work very hard finding new ways of exploiting people.
As proven by the Credit crunch and other economical crises, unregulated or loosely-regulated capitalists tend to lose any responsibility or common sense when given an opportunity for gaining more profit. One shouldn't forget this line:
"With adequate profit, capital is very bold. A certain 10 percent will ensure its employment anywhere; 20 percent will produce eagerness, 50 percent positive audacity; 100 percent will make it ready to trample on all human laws; 300 percent, and there is not a crime which it will not scruple, nor a risk it will not run, even to the chance of its owner being hanged."- T. J. Dunning, as quoted in Karl Marx's Capital Volume One, chapter 31, footnote 15
- Do we need a new name for the kind of economy we live in today? Too little market regulation got us into the present economic crisis and we need more regulation for the future.