Which concept emphasizes minimal government intervention in economic activities?

The concept that emphasizes minimal government intervention in economic activities is Laissez-faire. This term originates from French, meaning "to let do" or "to let go," and is rooted in the belief that economic success is best achieved when individuals and businesses operate freely, without excessive regulation or intervention by the government. In a Laissez-faire system, the market is self-regulating, driven by the forces of supply and demand. Proponents argue that this approach leads to greater efficiency, innovation, and economic growth, as it allows for competition and the natural allocation of resources.

Monetary policy, on the other hand, refers to the strategies used by a government or central bank to control the money supply and interest rates, which is more about regulating the economy rather than minimizing intervention. A mixed economy combines elements of both government intervention and free-market principles, reflecting a balance rather than a commitment to minimal intervention. Socialism features significant government control over economic activities, aiming for greater equality and wealth distribution, which is fundamentally opposed to the Laissez-faire philosophy.