Is The Current Western Economic World Laissez-Faire?

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Implementing laissez-faire without its pre-established rulebook is bound to turn into an unsustainable vile-maxim.

Well, only when I know your location can I begin to assess what western world you refer to. I am not writing that to be funny; it relates to the many terms and assumptions in economics; we all interpret so differently. And no matter what West you are referring to, your question also assumes there is a similarity in how all their economies are set up, not quite the case. Such assumptions and misinterpretations are the root cause of our economics being up for free and wild interpretation, which leads to further disheveled implementations of economics.

For the sake of answering your question, let’s assume with the West you mean the U.S., where I live.

With that established, let me focus on the second part of the question. Laissez-faire, meaning “letting go” in French,  is generally understood to refer to the notion that less government is better. Such letting go a fundamental flaw in the establishment of free-market systems, for the establishment of paradoxical rules of collective freedom, are an absolute necessity to protect and amplify individual freedoms. Free-markets can only be established, thrive and renew in conjunction with paradoxical rules to protect collective freedoms.

Laissez-faire is generally described as no interference by government, and in the context of aforementioned thus assumes the private sector will establish its own government to protect collective freedoms. Past has demonstrated a private sector fond of and measured by short-term quarterly earnings deploys terrible self-governance to safeguard the long-term interests of collective freedom.

A clear example is the tobacco industry which produced great short-term wealth yet with insufficient self-governance of smoking’s devastating side effects as now the third leading cause of death (in the U.S.)  thirty years later, for which the next generations are coughing up ballooning medical insurance premiums. Other examples abound.

Reality is we in the U.S. have not deployed free-market systems at all, for we have not implemented a definition of freedom that encompasses the world. We have implemented freedom as absolutism void of the protection of (even our own) collective freedoms. We must begin to treat freedom as a relativity theory it ought to be.

But our short-term wealth creation is the foolish envy of the world, and many other societies copy our model for the same reasons we created ours. So to answer your question, many countries in the world follow our laissez-faire economics blindly, including some in the East.

Georges van Hoegaerden
Georges van Hoegaerden
Georges is the Founder and Managing Director of method41. From analyzing the workings of policy, capital, and innovation, determining the fractal of human expansion, Georges discovered how these siloed, manmade manacles are woefully incompatible with nature's principles dictating the longevity of our species. By believing in a better world with better people, Georges set out to reinvent the theory of humanity that determines what can be discovered.
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