What is it called when the government takes a hand off approach to business is?

What is it called when the government takes a hand off approach to business is?
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In certain situations the term of laissez-faire is used. Thathowever is a term for economic policies of 18th and 19th centuries.Currently, a better term for less government regulations can belower rates of taxation and less regulation when it comes todescribing economic policy.
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