Quote:
Originally Posted by peter12
While more and more I do tend to think that completely unfettered markets are just as utopian as egalitarian socialist regimes; market principles do allow for a good deal of state intervention in the form of enforcing contracts etc...
The state should act as an arbiter through the functionality of law, not on the erroneous assumption that politicians or bureaucrats somehow possess a great deal more altruism than the average person.
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Well but that doesnt prove that state regulators are the solution to the "private regulators cannot work because of the human element" problem. The human element is there and on top of that you have to deal with the fact that state regulators are completely removed from carrying any sort of real responsibility.
Private companies screw up, they face the wrath of unsatisfied consumers so they try their best not to screw up. What's the motivation of a state regulator not to screw up? Altruism, and that's about it...