Webmaster said:
Joe, honestly...that is the biggest bunch of hogwash I have EVER heard. Of course, you will be unable to point to a system anywhere in the world that meets this criteria, but for instance.....
Ok, so we sell something into the "free market" today. We honestly don't know that it causes hundreds of birth defects or other future problems....science just has not caught up. Then we find out. Well, it would seem to me that this represents deferred costs! Ones that were never paid by the producers and sellers of this product. With a products like asbestos, it would be virtually impossible for any trust fund or set-aside to pay the future costs....but yet our system allows this 100%. Just run a couple companies out of business and your exposure is reduced.
You still seem to have trouble seeing what a free market actually is, Craig. You're inserting limited liability (an aspect of socialistic control of the market) into the mix.
There is no limitation of liability in a free market. You are 100% responsible for your actions, and if you release a dangerous product, you are fully responsible for the costs of the damage.
Of course, you're going to claim (as usual) that the owners have limited resources, so even if we seize all their property, we can't pay for all the damage. That's why in a "real world" free market, you would carry liability insurance, because no one in their right mind would buy from you if you weren't insured sufficiently to repair any damage your product might cause. If you want to pay insurance premiums that are even vaguely reasonable, something tells me that your insurance company will require you to put systems in place to do things safely. Since it's their profit margin on the line, and they can't just go running to the taxpayers for a bailout, they will make very certain that your testing standards are good enough to guarantee that they won't be paying claims on your products.
The current system doesn't allow for that. If you meet government regulations, you are protected from the consequences of your actions. The government not only doesn't care about consumer safety, but actually benefits from a certain level of damage. If consumers weren't being occasionally injured/maimed/poisoned/killed by products, they might forget that they "need" the government to protect them. So not only won't the government do an adequate job of protection, but they actually will make certain to have a certain level of damage, just like they maintain a certain level of unemployment (that's not a conspiracy theory, by the way - it's a standard component of Keynesian economics).
In a free market, when a dangerous product gets released, the ones who released it and the ones who insured them against liability are the ones who have to pay, rather than the guy walking down the street who didn't have anything to do with it, except now he's being taxed to make up for some CEO's greed.
Asbestos is a good example, by the way, since it is mostly government hype. "Ooh! Evil stuff! Must Ban" Of course, it was a necessary component in many applications, so what happens? We develop "refractory ceramic fiber," which is simply artificial asbestos, and can cause the same health danger if you don't treat it with respect.
In a free market, asbestos wouldn't be banned, but your liability insurance company would require you to get training and proper safety equipment before handling it. Instead, I can walk into any wholesaler and buy RCF and install it with no training and no safety equipment, if I wanted to. Because it meets "regulatory" standards.
Webmaster said:
Since when was "consumer choice" part of the constitution?
Tenth Amendment.
Joe