“Regulation” Under Libertarianism

[L]ibertarians do not advocate a deregulated market. They advocate:
a) universal legal standing for claimants in all courts of law.
b) requirement that companies be insured.
c) elimination of liability protections for executives.

The idea is that insurance companies will better regulate goods and services than will the government, at a lower cost, and that if everyone has legal standing the cost of abusing consumers especially if there is no shield provided by the corporate veil, is so high that organizations will not engage in those behaviors.

It is pretty hard to argue against the libertarian position. It is very easy to argue against a libertarian straw man (monopoly deregulation vs private regulation). And yes, there are a lot of idiots in libertarianism just like there are a lot of idiots in every other ideology.

But the fact of the matter is that libertarians have provided the only innovations to political economy in the past century.

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