Capitalism Quote by Vito Tanzi
![“A great deal of the talk about laissez faire [in the nineteenth century] must be discounted, or at least put into its proper context. In many cases the argument concealed an admission that a problem was insoluble, or that it must be endured, because no one could think of any method of solving it…” quote by Vito Tanzi](https://sms4smile.com/quotes/img-quotes/92c/vito-tanzi-130432_laissez-faire_a-great-deal-of-the-talk-about-laissez-f_674041.jpg)
““A great deal of the talk about laissez faire [in the nineteenth century] must be discounted, or at least put into its proper context. In many cases the argument concealed an admission that a problem was insoluble, or that it must be endured, because no one could think of any method of solving it. From this point of view, the policy of laissez faire was not the result of a new and optimistic belief in the progress of society through private enterprise. It was rather an acknowledgement that the fund of skill and experience at the service of society was limited, and that, in the management of their common a airs, men would not be able to find the elasticity and adaptiveness [sic] which individuals showed in devising schemes for their own self-interest. e treatment of social and economic questions was more haphazard and empirical than Englishmen were ready to acknowledge. If a practical solution suggested itself, if a tentative experiment could be made, the doctrine of laissez faire would be thrust aside, only to be used again after another failure to discover the way out of a difficulty (Woodward, [1938] 1962 , p. 16).””
About This Quote
Laissez‑faire was a pragmatic admission of limited expertise, not an optimistic belief in free‑market progress.
In simple terms: It reflected practical constraints, not pure optimism.
Key Takeaway
Recognize the limits of market self‑regulation.
Themes
economics
policy
history
laissez‑faire
pragmatism
limitations
government
market
Mood
analytical
critical
historical
Type
Capitalism:1
Laissez faire:1
Point of view:0
Doctrine Laissez:0
Optimistic Belief:0
Policy Laissez:0
Talk Laissez:0
When to use this quote
- business strategy
- government regulation
- public policy design
- academic research
- investment decisions
Key Concepts
economic theory
policy analysis
historical context
Questions to Reflect On
- When should markets be regulated?
- What historical lessons inform current policy?
A Different Perspective
Assuming laissez‑faire always works can lead to neglect of necessary interventions.
![“Neither Italian fascism nor German national "socialism" have anything in common with such a [Soviet socialistic] society, primarily because private ownership of factories, plants, lands, banks, means of transportation, etc., remain untouched there, and, therefore, capitalism in Germany and Italy…” quote by Joseph Stalin](https://sms4smile.com/quotes/img-quotes/411/joseph-stalin-1734_capitalism_neither-italian-fascism-nor-german-natio_1430.jpg)
