So in that sense, if capitalism is just another word for corporatism or protectionism, then let’s hope it truly is dying off in favor of the free market.
That is what I see when Walmart beats the EPA to regulating its chemicals. And when cryptocurrency exchanges beat the SEC to regulating ICOs.
That’s free market regulation. And it is effective.
By Joe Jarvis
Is Walmart the evil harbinger of late-stage capitalism? Or is it the hallmark of a civilized society?
Walmart has been criticized for paying workers poorly. Then again, who else is willing to pay that 90-year-old above minimum wage to wave at customers as they walk in the store?
Because Walmart buys in bulk and uses cheap labor, it can keep prices ridiculously low. That provides a major service to poorer people. It increases their standard of living. Their money goes further. They can afford more of what they need…
Yet now they have voluntarily removed certain products because of the dangerous chemicals inside.
Walmart has banned two paint strippers from its stores because they contain chemicals believed to cause cancer…
The EPA has opted not to ban the chemicals, though at one point there were plans to do so. But this example suggests that even absent government regulation, certain companies are pro-active in protecting customers.
You might think Walmart only banned the chemicals to look good in the eyes of the public. And you might be right.
Who cares? Applying beneficial policies to satisfy the public is an effective form of regulation. Read the rest of this entry »
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