The US's Loss of Faith in Laissez-Faire Economic Policies

America's loss of faith in laissez-faire economic policies can be partially traced to the sluggish recovery that came in the wake of the 2007-2008 financial crisis. The need to compete with China, which has for decades provided massive industrial subsidies to its companies, is the main driver of the shift over the last decade or so. Critics of these policies worry that the large scale government spending is reckless and will push up taxes and worsen inflation in an already overheated economy.