Without vast gov't regulations to lock out competition, if a corporation is engaged in market manipulation, consumer fraud, price gouging... whatever, there would be another man waiting in the shadows to steal the consumers by offering a better way.
What about monopoly power? Am I correct in my assumption that you think an idea whose time has come can always topple a rotten monopoly in an unregulated market?
I wish I had your faith in markets and in consumers. What a comfort that would be! But I am faithless in this respect.
I simply don't have faith that without some government regulation providing a fairer playing field that there will always be a way for that other man waiting in the shadows to break through the monopoly power and unequal bargaining power that exists when someone with a lot of capital competes against someone with little capital. So without that government regulation we're stuck with a lot of waste and a lot of needless suffering thanks to inefficient, corrupt monopolies.
Want DP delivered to your inbox daily? Subscribe here: