ENVIRONMENTAL ISSUES AND FINANCIAL CRISES DISMISS LAISSEZ-FAIRE CAPITALISM

Abstract

This paper addressed the globally spread challenges that countries face, such as environmental issues, which have been accumulated for years, and financial crises, which have been repeated many times in the world’s economy during capitalism. Indeed, through a qualitative scientific approach, the article argued that laissez-faire economics or laissez-faire capitalism (as an economic system or doctrine, i.e., a liberal and classical view of economics) is not the right way to overcome and deal with these problems. Instead, some interventions in the economy and cooperation between countries and the respective institutions are required so that these difficulties (environmental issues and financial crises), which do not recognize borders, are prevented and afforded properly. Thus, this publication presented how challenging environmental issues are, which are spread worldwide, and it also discussed financial crises, such as the 2008 Financial Crisis (also known as the Great Recession) and the Great Depression of the 1930s. Overall, this paper concluded that dual crises (environmental and financial crises) are the robust proofs that dismiss the extreme form of capitalism or economics, known as laissez-faire.