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I'll throw in that part of the so-called laissez-faire failing is due to a non-laissez-faire system. Privatizing profits and socializing losses is not laissez-faire.
That isn't to say laissez-faire is without faults, or that we should strive for a completely laissez-faire system, but combining the worst aspects of both a free market and socialization delivers sub-optimal results. Just look at the cost of our healthcare system. In that regard, I'd rather have a completely socialized system than what we've got. People going to the ER with the sniffles with no intention of paying the bill is a misuse of an important health service, and that's incentivized by our insane hybrid system of corruption.
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