Your help is needed.
I recently got into a discussion about free markets (am a BIG fan) and free enterprise (also a big fan).
My discussion partner, an ever skeptical schizo ‘love-free-markets-but-they-don’t-exist’ kind of guy, challenged me to come up with some examples of “self-regulating markets” where private enterprise acted in the public’s best interest without prior prodding from government.
As an MPA I should know the answer to this. I was sure that I could come up with an easy example.
Alas, I cannot come up with a single example of where private industry, aka private enterprise, acted at the industry level to self-regulate itself. I’m sure that there must be an example somewhere.
Would you help? (This is a bit embarrassing to not be able to show even one example).
Have trouble thinking of an example that can be confirmed? Please try these two Google links that I used in my search. Good luck!
Note: “self-regulating” is not the same as “self-correcting”, which is another dogmatic challenge.
Bill Golden is a conservative independent observer of American economics, business, politics and trends of all kinds. You can always reach Bill at Bill@Bill4DogCatcher.com