 What is the name of economic system in which transactions between private parties are free from government intervention coined byJacques Claude
Laissez-faire
Laissez-faire
Laissez-faire ( ; ] ; from French: "laissez faire" , 'let do' ) is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.
 The phrase "laissez-faire" is part of a larger French phrase and basically translates to "let (it/them) do", but in this context usually means to "let go".
Jacques Claude Marie Vincent de Gournay
Jacques Claude Marie Vincent de Gournay (] ; 28 May 1712, Saint-Malo – 27 June 1759, Cádiz) was a French economist and intendant of commerce.
 He is said by some historians of economics to have coined the phrase "laissez faire, laissez passer".
 Together with François Quesnay, whose disciple he was, he was a leader of the Physiocratic School.
Rational economic exchange
Rational economic exchange also called goods exchange economy is an economic transaction where goods or services are transferred from the provider for a return of relative value (compensation) from the receiver in a manner that advances the economic interests of both parties.
 Rational economic exchange is implied in voluntary economic transactions between private parties (i.e., regular commerce) where it is assumed that an economic transaction would not occur unless both parties believed they would be better off after the trade.
 Rational economic exchange can be implied in governmental taxation and spending where the agents of the citizen—government legislators and administrators—implement fiscal policy where tax assessment to the citizen is related, substantially, to an implied level of government service. Collective laissez faire
Collective "laissez faire" is a term in legal and economic theory used to refer to the policy of a government to leave trade unions and employers free to collectively bargain with one another, with limited government intervention and oversight.
 It is predicated on the idea that parties of equal bargaining strength will agree the optimal solutions for economic production and as a matter of fairness. Economic liberalism
Economic liberalism is an economic system organized on individual lines, which means that the greatest possible number of economic decisions are made by individuals or households rather than by collective institutions or organizations.
 It includes a spectrum of different economic policies, such as freedom of movement, but it is always based on strong support for a market economy and private property in the means of production.
 Although economic liberalism can also be supportive of government regulation to a certain degree, it tends to oppose government intervention in the free market when it inhibits free trade and open competition. Liberalism (book)
Liberalism (original German title: "Liberalismus") is an influential book by Austrian School economist and libertarian thinker Ludwig von Mises, containing economic analysis and indicting critique of socialism.
 It was first published in 1927 by Gustav Fischer Verlag in Jena and defending classical liberal ideology based on individual property rights.
 Starting from the principle of private property, Mises shows how the other classical liberal freedoms follow from property rights and argues that liberalism free of government intervention is required to promote peace, social harmony and the general welfare.
 The book was translated into English by a student of Mises, Ralph Raico, but its first English edition in 1962 was titled "The Free and Prosperous Commonwealth" rather than "Liberalism", as Mises thought that the literal translation would create confusion because the term liberalism after the New Deal and especially in the 1960s became widely used in the United States to refer to a centre-left politics that supports degrees of government intervention, in opposition to Mises' central premise.
 The English translation was made available online by the Ludwig von Mises Institute in 2000. Economic system
An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area.
 It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
 As such, an economic system is a type of social system.
 The mode of production is a related concept.
 All economic systems have three basic questions to ask: "what" to produce, "how" to produce and in what quantities, and "who" receives the output of production. Economic history of Turkey
The economic history of Republic of Turkey may be studied according to sub-periods signified with major changes in economic policy: i) 1923-1929, when development policy emphasised private accumulation; ii) 1929-1945 when development policy emphasised state accumulation in a period of global crises; iii) 1950-1980, a period of state guided industrialisation based on import substituting protectionism; iv) 1980 onwards, opening of the Turkish economy to liberal trade in goods, services and financial market transactions.
 However one distinct characteristic between 1923–1985, in large part as a result of government policies, a backward economy developed into a complex economic system producing a wide range of agricultural, industrial, and service products for both domestic and export markets the economy grew at an average annual rate of six percent. World Socialist Movement
The World Socialist Movement (WSM) is an international organisation of socialist parties created in 1904 with the founding of the Socialist Party of Great Britain.
 The member parties share a common classical Marxist worldview and an adherence to socialism defined as a distinct economic system from capitalism.
 As a result, the parties of the World Socialist Movement are held in sharp contrast to social democratic political parties and Marxist–Leninist movements.
 In contrast to social democratic parties, the World Socialist parties do not pursue social and economic reforms to capitalism, nor do they seek political office in electoral politics, and they do not focus on "progressive" causes, believing such actions to be irrelevant to their fundamental goal of socialism.
 In contrast to Marxist–Leninist Communist parties, they do not subscribe to the theories of imperialism, vanguardism and democratic centralism, believing such practices to be antithetical to the realisation of socialism. New Economic System
The New Economic System (German: "Neues Ökonomisches System" ), officially the New Economic System of Planning and Management, was an economic policy that was implemented by the ruling Socialist Unity Party (SED) of the German Democratic Republic (GDR) in 1963.
 Its purpose was to replace the system of Five-Year Plans which had been used to run the GDR's economy from 1951 onwards.
 The System was introduced by Walter Ulbricht to try to improve the performance of the existing central planning, so that the economy might be run in as efficient a manner as possible.