The French term "laissez faire" literally translates to "allow to do." It embodies a philosophy that calls for the government to take a very hands-off approach, and let things play out as they may. In economic terms, it is often accompanied by the capitalist idea that a market will regulate itself. However, a more modern approach in the U.S. is to use fiscal policy tools to keep the economy from reaching dangerous extremes, for the good of the people.