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In a true laissez faire system there would be very few monopolies and any democracy can simply vote to increase the regulation of that monopoly and what's more the heavily regulated monopoly would still be more efficient than a nationalised business since the monopoly would have to compete with whatever alternatives the free-market may generate in the future and the fact that the media can focus all of it's attentions on these few regulated monopolies instead of having to watch over 100s of nationalised industries and services. Assuming of course the population isn't stupid enough to vote in a government that subsidises the hypothetical necessary monopoly and simply lifts regulation if and when market forces take over.
That's the only major complexity of the laissez faire system and clearly there is nothing too wrong about it. It exists though.