Where Consumers Reigns Supreme
Of course, the Free Market
One of the oddest phrases that I’ve come across is “capitalism and the free market have done more to increase freedom and to greatly improve the standard of living of the masses BUT ___”. How is there a ‘but’ in that phrase? The phrase stands alone with everything said before the paradoxical ‘but’. I think that those who see individuals or companies do wrong conflate that to meaning the free market system as a whole must encourage such behavior and therefore must be flawed. Humans are fallible and they bring those fallibilities with them when they work, whether in the private sector or public sector. The free market itself cannot erase all possibility of wrongdoing and there is not a political or economic system that can do such a thing. Simply put what the free market is best at is giving individuals the opportunity to provide a product or service and by so doing the ones best able to satisfy the needs and wants of the consumer win out over those who do not.
Those who feel that the free market encourages the wrongdoings of companies must realize that quintessentially consumers are the free market so if companies are somehow encouraged to commit wrongdoing then what are consumers doing to encourage such behavior. We live in a time where information can be broadcast globally in milliseconds. Right now there are multiple social media outlets that businesses tap into to market their products and services. Also we as consumers must realize that through social media outlets we too can affect change and hold businesses accountable for their actions. If we are dissatisfied with the service or product of a company due to legitimate reasons then broadcasting that worldwide will encourage that company and others now and in the future to strive continually to provide a better product or service. Also if we — the consumer — are dissatisfied with how companies operate than we can also broadcast that dissatisfaction through social media and encourage others to do the same and along with that we as consumers must be willing to not purchase any product or service of the offending companies. By doing this companies will soon realize they must hold themselves to a higher standard because words backed up by action hold far greater weight.
Most people agree that competition breeds excellence and encourages innovation. I am not going to refute that but to add that it is a double-edged sword and can also encourage individuals and groups to win through devious methods and even find ways to impede others from entering the competition (market/industry). As the free market encourages competition we as consumers must also be aware that competition not only brings about excellence and innovation but can also breed deviousness. Now, more than ever, we the consumer have the ability to hold companies accountable when corruptness rears its ugly head.
