The free marketeers will scream, but the fact is, free markets don't provide safety. Only regulation does that. You want safe food, you better have inspectors. You want safe water, you better have an EPA. You want a safe stock market, you better have the SEC. And you want safe airlines, you better regulate them, too. Believe me, they will.
The quote emphasizes that free markets alone are insufficient for ensuring safety in various sectors such as food, water, financial markets, and airlines. It argues that effective regulation is necessary to protect public welfare and maintain industry standards. Without oversight from regulatory bodies, consumers may be exposed to risks and dangers that could have been mitigated.
Moreover, the author, Michael Crichton, stresses the importance of having inspectors and regulatory agencies like the EPA and SEC to safeguard citizens. The assertion implies that while free markets are essential for economic function, regulatory measures are crucial for preventing harm and ensuring the safety and integrity of vital services and products.
