Read his post here and then come back and read my response below.
Saturday, March 31, 2007
Government Regulation Debate
Neal over at Leftwich called me out for a response on government regulation.
Read his post here and then come back and read my response below.
I think that if the long history of industry to favor profit over all over concerns, safety included, this is one area where government regulation not only makes sense, but is required. Look at the kinds of abuses that were rampant in meat-packing and featured in Upton Sinclair’s "The Jungle." It took the publication of the book, a startling social event, to coax the government and industry to agree regulation was necessary.
Read his post here and then come back and read my response below.
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1 comment:
Business is driven to maximize profit under almost all circumstances. To appreciate why this is so one should read Marx (Capital). Regulation has proved to a somewhat effective stop gap.
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