The concept of “laissez faire” creates a society with very restrained government intervention in the marketplace. Interestingly, it was introduced several hundred years ago in France by the merchant class under the guise of social welfare. In practice, it led to a level of instability and the recognition of the need for some type of government regulation in commerce.
There are advantages to the system but it has serious flaws. The lack of intervention by the government allowed the merchant class to do their own intervention to an even greater extent for their own benefit which often came without any philosophical principle other than their immediate self interest. The doctrine also does not adequately address the need for effective public information and communication. In fact, it permits a significant and careless disregard for commercial disclosure.
Perhaps back then, most information was more obvious and even if there were a lack of laws, the social conventions of the times were very much against deceptive practices. It’s a long way since tar and feathers. Now, society allows an ever increasing range of lies, misinformation and non-disclosure.
At present, it appears that the concept of “laissez faire” has evolved beyond business transactions to the much greater sphere of public information. We now have the largest volume of information in human history along with the greatest means of transmitting that information to the entire world. Yet, we probably have the most extensive promotion of false and misleading information than ever before and the lack of disclosure of critical information is most perilous.
The “invisible hand” introduced by Adam Smith still operates, but besides being invisible, it is now quite ignorant.
For more on this subject: www.reasonatrisk.com “The Cisco Kid” April 21, 2018