To continue with the argument of “the market will self-regulate and people wouldn’t buy that brand anymore so they would never do it again”
Okay but how many people died, how many people are suffering long-term effects, and what’s stopping them from adding a different deadly thing to our food?
Market self regulation assumes informed consumers that are smart enough to know what things mean. Also it assumes healthy competition and companies that are competing to make the best product at the chrapest price. It ALSO assumes brand lotalty isn’t a thing, and consumers are judging things purely objectively.
Like, i understand the idea, but in practice there are a ton of caveats.
Market self regulation assumes informed consumers that are smart enough to know what things mean
Not just smart enough, but informed enough. That means every person spending literally hundreds/thousands of hours per week researching every single aspect of every purchase they make. Investigating supply chains, performing chemical analysis on their foods and clothing, etc. It’s not even remotely realistic.
So instead, we outsource and consolidate that research and testing, by paying taxes to a central authority who verifies all manufacturers keep things safe so we don’t have to worry about accidentally buying Cheerios that are laced with lead. AKA: The government and regulations.
wouldn’t buy that brand anymore so they would never do it again
Assuming there is perfect information in the market. In reality there is heavy information asymmetry.
It also assumes free competition while we have every market dominated by a few players buying up everyone else, often with cartel like behavior.
It also assumes it is immediately deadly poison, and doesn’t do something like cause early dementia 25 years later.
