I beg to differ on the definitions:
When it comes to government, laisser-faire means: laissez-faire (les'a fâr`) [Fr.,=leave alone], in economics and politics, doctrine that an economic system functions best when there is no interference by government. It is based on the belief that the natural economic order tends, when undisturbed by artificial stimulus or regulation, to secure the maximum well-being for the individual and therefore for the community as a whole.
When it comes to management, Laisser-faire means:
Delegative (free reign)
In this style, the leader allows the employees to make the decision. However, the leader is still responsible for the decisions that are made. This is used when employees are able to analyze the situation and determine what needs to be done and how to do it. You cannot do everything! You must set priorities and delegate certain tasks.
This is not a style to use so that you can blame others when things go wrong, rather this is a style to be used when you have the full trust and confidence in the people below you. Do not be afraid to use it, however, use it wisely!
NOTE: Also known as lais…sez faire (or lais…ser faire) which is the noninterference in the affairs of others. [French : laissez, second person pl. imperative of laisser, to let, allow + faire, to do.]
As the poster before us said: I need to become more laisserkickass!