Consumer Safety: Government regulators don’t need more power

Consumer Safety: Government regulators don’t need more power

The past 10 years have seen spectacular events that are still unraveling in most powerful nations. We have seen how the U.S. economy is experienced anemic growth and struggled to recover from the worst recession seen since the Great Depression of the 1930’s and  how Europe is faced a Sovereign Debt Crisis that is threatening the political union and the overall well being of the Western European population. Financial Markets are in a constant mode of volatility, and any errors by policymakers are immediately shown with fatal results. What is more curious, and unfortunately, it has taken by surprise to most economists and political leaders, is that for the most part, these events have been preceded by grave errors in Corporate Social Responsibility. Scandals such as Enron, WorldCom, Bernie Madoff’s Ponzi scheme and issues related in consumer products such as drug and meat safety have unleashed a series of attacks to “unfettered” free markets and capitalism, pushing for more regulations and more State interference, with the pretense of protecting the consumer from evil speculators and the “wild swings” of the market economy. The purpose of this essay is to analyze how a complete belief in overregulation and interference in markets is the problem, and therefore dismantle the outcry for more state interference.

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The Importance of the Law: Comments from Frédéric Bastiat’s Insights

 frederic bastiat the LAW

Introduction

Frédéric Bastiat is arguably one of the most important yet forgotten political economists of the eighteenth century. His defense of liberty, natural rights, private property rights, rule of law and justice make him a key figure in the development of classical liberal political thought. The purpose of this article is to analyze Bastiat’s insights into the nature of the rule of law and justice and how the perversion of law has been developed by Government authorities who in his own words, have used the power conferred to them by the electorate, to make use of “legal plunder” in order to pursue a private interests and advance a personal agenda in detriment of the individual in society.

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