sandandfoam
Veteran Member
If free markets work why do we need consumer protection?
-
Welcome to Religious Forums, a friendly forum to discuss all religions in a friendly surrounding.
Your voice is missing! You will need to register to get access to the following site features:- Reply to discussions and create your own threads.
- Our modern chat room. No add-ons or extensions required, just login and start chatting!
- Access to private conversations with other members.
We hope to see you as a part of our community soon!
Do free markets work?
- Thread starter sandandfoam
- Start date
Joe_Stocks
Back from the Dead
The libertarian Charles Murray had a very thought provoking thought experiment (kind of repetitive). He said we should give businesses the option of being certified by the federal government. If a shope is abiding by certain suggestions, then it would have a big sign saying, "We are in compliance with the federal government's standards." That way people could chose where to take their business. I have a sneeking suspicion that those who didn't comply with the government's standards would still get business.
Wandered Off
Sporadic Driveby Member
Free markets are for the purpose of allocating goods, not protecting consumers. It's kind of like asking, "If ladders work, why do we need warning labels?"
Dunemeister
Well-Known Member
Markets require regulation because unjust things happen in the market.
Mathematician
Reason, and reason again
Historically, they don't work. Germany industrialized under the framework of a social democracy, and it outpaced British production while maintaining the best living, health, and work standards in the world. Likewise, all the Asian miracles (South Korea, Japan) resulted from heavily involved interference in the market. America has a notorious history of protectionism, extending back to 1700s when we placed an impressive tariff on British goods to keep New England's factories churning.
Yerda
Veteran Member
What do you mean by 'work'?
EU states maintain subsidies and other forms of protectionism, so perhaps they aren't good for all ends.