Capitalists aren’t greedy.
They serve people and are incentivized to delight their customers.
Governments are greedy.
They steal from people and as a monopoly, have no incentive to serve.
People think “regulation” is necessary from government, to make sure capitalists don’t hurt or exploit people.
This is incorrect.
But, I sympathize with the concern.
The concern is ostensibly – for example – why people think the FDA is necessary (no matter how egregious it gets). “Without it, things would be way worse!” they say.
The psychological needs behind that statement are for reassurance, safety, and trust that medicines and food brought to market don’t hurt us. That is valid.
The thing is, the market can and does naturally regulate itself, to meet those very needs.
When we abolish the FDA. third party businesses have the capacity to serve as organizations that double check and verify safety and quality. Literally, their whole business model can center around having a rigorous safety and quality system for food and medicine entrepreneurs/businesses. They would then be incentivized to protect their *own* reputation in the market.
Because the third-party business itself is incentivized by quality (if they fail then customers flock to support a new business), then this market-driven regulation is infinitely better at protecting consumers than the coercively funded FDA, (which is responsibly for countless deaths, especially when we factor in opportunity costs of this organization, not to mention the corrupt lobbying that occurs ad nauseam).
These third-party orgs already exist, by the way, but abolishing the FDA would create a huge boom of opportunity for new entrepreneurs to flood in.
