what are sone negative effects of a loosely regulated market?
Prices, quality, and wages are then mostly based on the morality of the people running them.
You can look at a time in America where the market WAS loosely regulated for your answer. In the late 1800s, there was much child labor being used. The children weren't FORCED to work and they viewed working as a source of good income for their family so you could say using children as labor was a positive thing. However, the children had absolutely horrible working conditions. They were often beaten mercilessly when they wouldn't work up to par. They often worked 10-12 hours at a time in factories with little light, a lot of dust and cruel managers. This was all because getting kind managers who were competent, getting light, hiring janitors to clean up the place and all following health codes costs money and a company's goal is to make as much money as possible. If they are spending money on such things, they aren't making as much money as possible
Another example is railroad rates. In the late 1800s, railroad companies would charge small farm owners and medium sized farm owners more money than they did large farm owners. Farmers got together to form Granger Laws to stop this horrible practice
You can imagine the shortcuts companies would employ to the detriment of the earth if they were not forced to comply with regulation, polluted air, polluted waterways, etc. What if they took shortcuts on removing asbestos? There was a scandal recently in Aust where they took shortcuts in training installing insulation and young people were electricuted, peoples houses burnt down, because this aspect wasn't regulated.
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