The economic condition characterized by minimal government intervention is known as laissez-faire. This French term translates to "let do" or "let it be," and refers to an economic philosophy advocating for free-market principles. In a laissez-faire system, the government refrains from regulating business practices, allowing supply and demand to dictate market conditions. Proponents argue that this approach fosters innovation and efficiency, as businesses operate with greater freedom. However, critics point to the potential for monopolies and inequality without regulatory oversight, sparking ongoing debates about the optimal balance between regulation and free enterprise.