Actually Laissez Faire is really nice if you build SURE companies while with state capitalism, such as Liquour, cars, phones, airplanes etc and then switch to laissez faire and let capitalists just expand factories whenever there are unemployed people.
Imagine clicking "expand" button when playing with say Brazil or other bigger country with 8+ states and 8 factories in each and flooding 100k unemployed craftsman in each provinces because your factories are full and it takes time to lvl them up, while all your pops are mad rerolling to craftsmen cuz all rgos etc are full.
Another downside to state capitalism and subsidies is that it lowers your industrial score if you have a company and its on -, often when I delete such company my industrial score goes up, even if others are full so it's not from them being filled up with people. Another note - Laissez Faire gives +5% factory output + liberal/anarcholiberal parties almost always have full citizenship and that's what you want, especially as new world immigration magnet.