If the entire world became a bastion of private property and free enterprise, would consumer protection standards necessarily be uniform in every area?
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If the entire world became a bastion of private property and free enterprise, would consumer protection standards necessarily be uniform in every area
Started by Murphy, Sep 08 2005 08:44 PM
2 replies to this topic
#2
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Posted 12 August 2008 - 10:00 AM
Not necessarily, it is up to the risks the consumer is willing to pay for to be protected agaisnt. In hurricane country, it will probably be required for an insurance policy to have x number of sheets of plywood on hand to cover windows in a storm; flood insurance requirements would be different on or off the flood plain. In sanake areas, maybe the standard would be to wear boots in the woods. Each person would be able to set their own preference for standards based on what they are willing to pay for.
The insurance company would also set standards of those they insure to avoid payouts. X number of hours of CPR if you want insurance to open a pool.
The insurance company would also set standards of those they insure to avoid payouts. X number of hours of CPR if you want insurance to open a pool.
#3
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Posted 02 November 2008 - 05:26 PM
Mart Grams, on Aug 12 2008, 09:00 AM, said:
Not necessarily, it is up to the risks the consumer is willing to pay for to be protected agaisnt. In hurricane country, it will probably be required for an insurance policy to have x number of sheets of plywood on hand to cover windows in a storm; flood insurance requirements would be different on or off the flood plain. In sanake areas, maybe the standard would be to wear boots in the woods. Each person would be able to set their own preference for standards based on what they are willing to pay for.
The insurance company would also set standards of those they insure to avoid payouts. X number of hours of CPR if you want insurance to open a pool.
The insurance company would also set standards of those they insure to avoid payouts. X number of hours of CPR if you want insurance to open a pool.
Everything you are saying is true, but I think I had in mind things like this: Even if the whole world is free market, some regions would be poorer than others, at least in the beginning. And so for example, packaged food in these poor areas might not be subjected to as many tests to make sure it's not spoiled. Or surgeons might only pay $5,000 to the family of someone they kill on the operating table, whereas in rich countries the amount would be far higher. So the point is that "consumer protection" is not a yes/no thing, but a matter of degree subject to scarcity.
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