What was significant about laissez-faire in the nineteen and 20th century?

Laissez-faire, an economic philosophy advocating minimal government intervention in markets, played a significant role in shaping economic policies during the 19th and early 20th centuries. It underpinned the rise of industrial capitalism, promoting free trade and competition, which fueled rapid economic growth and innovation. However, the consequences of unregulated markets also led to significant social inequalities and economic crises, culminating in the Great Depression, which prompted a reevaluation of laissez-faire principles and greater government involvement in the economy. This shift laid the groundwork for modern economic theories and policy frameworks.