[simonh]

I'll let that great promoter of free trade and market forces Adam Smith weigh in here:

“People of the same trade seldom meet together... but the conversation ends in a conspiracy against the public,...”

Corporations have vast resources and capabilities far beyond those of the individual and frequently use them against us for their own benefit. Tobacco companies faked and suppressed research and knowingly lied in their advertising. Car companies fought seat belts and air bags tooth and nail. Few companies campaign for minimum quality standards in their categories of products, yet information about quality are essential to informed participation by purchasers in any market.

Ideally each of us indivudualy should be fully informed about every decision we make, but the fact is it's simply not possible. So instead we delegate responsibility for many of these decisions to our leaders. They regulate markets on our behalf and increase the efficiency of markets by performing necessary research, standardisation and negotiations on quality once so we can all benefit from it every time we make a purchase.

Appropriate regulation of markets is essential to their function, and delegation of responsibility based on democratic choice is itself a market mechanism. Of course there are arguments to be made about the appropriate level and type of regulation.

[rlion]

"They regulate markets on our behalf..."

That would be awesome if it were true, but it's not. It's very naive to believe politicians and bureaucrats work for anything other than their own self-interest.

Now that the FCC runs the Internet who do you think is going to influence them more- Comcast's lobbyists or you?

[simonh]

Some cynicism can be healthy, but just because there are issues, some of them serious, with American democratic processes doesn't mean the whole system is corrupt and run purely for the benefit of the ruling elite. I know what that looks like. My wife is Chinese.