Profit-seeking incentivizes safety and makes any cartel situation inherently unstable.
Regulations, on the other hand, allow stable equilibria featuring cartels.
Regulations, on the other hand, allow stable equilibria featuring cartels.
Do you have ANY knowledge of economic history? Profit-seekers putting $1 into safety equipment rather than their own pocket is a laughable thought.
The sidelining of tort law also didn't help one bit.
There is a very big difference between succeeding against competition because you're able to deliver a cheaper or better product, as in free competition, and succeeding because a government decree happens to exclude your product from certain liabilities that your competitors aren't excluded from.