The Collaborative International Dictionary of English v.0.48:

Laissez faire \Lais`sez" faire"\n. [F., let alone.]
   Noninterference; -- an axiom of some political economists,
   deprecating interference of government by attempts to foster
   or regulate commerce, manufactures, etc., by bounty or by
   restriction; as, the doctrine of laissez faire; the laissez
   faire system of government.
   [1913 Webster]

WordNet (r) 3.0 (2006):

laissez faire
    n 1: the doctrine that government should not interfere in
         commercial affairs [syn: individualism, laissez faire]