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Originally Posted by noumenal
That's how your version of capitalism works. I like capitalism, but it's important to remember that it isn't a religion and that without proper regulating, it creates a disaster. I won't elaborate.
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Yet, what is proper regulation, as regulation often tends to create more problems? Who gets to decide what the proper amount of regulation should be?
The fact of the matter is that one person (or group) that has the power to regulate
does not have the ability to comprehend all of the consequences of such regulation. Often said regulations can actually harm the intended beneficiaries in unforseen ways (A minimum wage increases unemployment among teenagers, one of the demographics it is supposed to help. The Endangered Species Act has actually given incentive for people who find an endangered species on their land to kill it before anyone finds out rather than face the financial burdens that come with government regulation. Zoning regulations make it so that only certain types of buildings may be permitted in certain areas, leading to what some people call "sprawl". I'll be happy to elaborate.)
Since those that are in charge of regulation are inherently self-interested (just as everyone else in the world) they will make decisions that serve themselves as well as the special interests that fund them. Regulation is corruption in the purest form. It is regulation that creates barriers to entry in industries, which reduces the competition and ultimately hurts consumers (which is everyone).
The argument that the market fails and thus intervention and regulation is required is a very tempting argument. However, further investigation often shows that the so-called failures of the market occured, not because the market was free, but because some aspect of it had been previously regulated.
I don't want to get in to personal attacks, but I do think that you need to elaborate...
And yet, as I am one of those "crazy" libertarians, I probably would not end all government regulation if I had the power to do so, but I would indeed curtail it.
Oh and the reason I dislike Wal-Mart is because they are dirty and the incredibly long lines, even at 3 in the morning. I would like to be able to afford not to shop there.