If there were no economic laws: would corporations more often work for bigger profits via any legal form of deception, or would they try to boosts profits by benefitting and appealing to society's ethics?
Most laws are helping big corps, so I would think getting rid of laws would lower their profit and empower the workers.
Deception but if people catch on then they would move to ethics
Ethics obviously. If they don't have any customers to buy their product, they can't profit
Thank you. As soon as the public turns against a company, they're done. Do you think that the only read that airliners don't crash all the time are because of the FAA? It only took one plane crash of value jet to put them under.
Having no economic laws would most likely return us to the Gilded Age - massive wealth for a few, child labor, unsafe working conditions, etc. After the fubar of 2008 I cannot imagine anyone being desirous of no economic laws, except Wall Street.
We are heading in that direction if our trajectory doesn't change.
The fubar of 2008 was caused by congress removing safety nets so poor people could buy houses. Dumb.
Breck: there was, and is, FAR more to the 2008 debacle than just poor people buying houses.
Way way more....going back to the Clinton and W administration. Both parties, banks and wall St. All had their fingers in it. Go see the upcoming movie 'The Big Short' or read the book. It's a good introduction.
Thank you. I couldn't have said it better
Having spent my post military career working for Fortune 500 companies.....I will say this. Without regulations they would lie, cheat and steal in every possible manner. They would rob you blind, steal your property and turn you into their serf. Don't believe me? Go borrow $500 from a payday lender and miss a few payments and see what happens. Now imagine if there were no laws.
I think borrowing/loans is one of the worst. I understand interest, but after seeing a 250% (I didn't forget any decimals) interest rate for a title loan: I'm convinced that it's insane.
In the interest of 'deregulation' a lot of restrictions have been lifted on lending that I personally don't agree with. A title loan is another good example. These businesses prey on the poor and are wildly profitable. My point is that with fewer regs in other industries, you would see more abuse like this. But, there does need to be a balance.
Very well said Squid!
Perhaps people shouldn't use the criminal payday lenders. They're no better than the mob. If more people knew about how bad they were, they wouldn't use them. Why would anyone borrow money with no way to pay it back anyway? Why Someone who couldn't afford the payment on one loan borrow more? Is beyond me. That's Greece.
Corporations in general would benefit humanity, uber large corporations on the other hand not as likely.
I think since we have such easy access to information via the internets, in the end, the ethical companies who try and earn customers would win
The corporation would seek to provide a service to the customer. However, corporations are run by people and people are exceedingly greedy.