The government had a responsibility to regulate business practices from "summary" of The affluent society by J.K. Galbraith
The belief that the government should intervene in the regulation of business practices is rooted in the understanding that the free market is not always capable of producing optimal outcomes for society as a whole. In an ideal world, businesses would operate in a manner that prioritizes the well-being of all stakeholders, including employees, consumers, and the environment. However, in reality, the pursuit of profit often leads companies to prioritize short-term financial gains over long-term societal benefits. Without government intervention, businesses may engage in practices that harm the environment, exploit workers, or deceive consumers. In the absence of regulation, companies may prioritize cost-cutting measures that compromise product safety or employee well-being. This can have far-reaching consequences for society, as seen in cases of environmental degradation, worker exploitation, and...
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