Advantages and disadvantages of laissez-faire capitalism?

[Cactus Jack]

What do you see as the primary advantages and disadvantages of laissez-fair capitalism and do you think that such a purist approach to financial markets will actually produce a better system or is some level of government regulation necessary? If so, how much regulation to you believe is necessary?

I understand that I am speaking very much in generalities but as most people are not economists I thought that it would be a more productive discussion if we spoke in more general terms.

Further threads can be started on more specific points later, if required.

[crateb]

the only diasdvantage is this government is trying to destroy it it seems.

[ladyunicornejg]

the only diasdvantage is this government is trying to destroy it it seems.

That's the only disadvantage? How about the monopolies that would be allowed if it were left completely alone, thus keeping average people from standing any chance at getting certain things (because they only exist within one company that only cares about making money)? What about the greedy businesses that would (and do) thrive in such cases where they are left to do whatever they want, simply because they have something to offer and no one knows how to properly compete with them? Are these not disadvantages as well?

[Cactus Jack]

One of the main disadvantages I see is the unchecked power of very large corporations and the lack of responsibility to society.

When we discuss the rights individuals have we also talk a lot about the responsibilites they have. However, I don't think that we talk enough about the responsibilities large companies have to the communities in which they operate.

Companies are not people, so why do so many think that they are entitled to the same rights as people.

Unchecked power, whether it be government or corporate, it probably the greatest threat our societies face from within.