More on Laissez-Faire
Charles Rowley’s blog has an excellent post on Laissez-Faire Capitalism. I highly encourage everyone to read.
The United States never adhered unconditionally to the doctrine of laissez-faire, either theoretically or practically. Tariffs were key revenue-raising components of American trade policy almost from the country’s independence.
It’s important to remember that.
The “failure” of laissez-faire capitalism is often the excuse used for ever more and more Government intervention in not only the economy but in people personal lives as well (Health Care Reform). When you realize that we never even had a laissez-faire in the first place, those criticism falls flat on it’s face.