Final answer:
Laissez-faire capitalist economic systems are characterized by private property, profit incentive, and minimal government intervention, fostering economic freedom and competition.
Step-by-step explanation:
The traits that characterize a laissez-faire capitalist economic system include a strong emphasis on private property and the profit incentive. These components contribute to the system's foundation where markets operate with minimal government intervention, allowing individuals to make economic decisions based on their own interests. Under laissez-faire capitalism, there is significant economic freedom for businesses and individuals, a high degree of competition in the market, and voluntary exchange as a principle of transactions. Over history, laissez-faire practices were evident in the United States before the 1929 market crash, where banks and corporations operated largely unregulated. However, following adverse effects such as monopolies and uncontrolled business practices, government regulation became more commonplace to address these issues.