Laissez-faire capitalism as promoted by Libertarians in the U.S. is the only moral economic system. It is the only system that allows man to be virtuous and leaves him free to act for his own good by means of his own rational mind.

One of the biggest problems with critiquing laissez-faire capitalism is that a working model has never existed in human history. Governments have always intervened to one degree or another in the market. Any time there is government intervention, the market will not function properly, and results will likely be negative.

Examples are often given where companies find it less expensive to settle with people who have been harmed by their products instead of actually fixing the products. But, if a company does not produce safe products, they are harming themselves in a few different ways. First, they are opening themselves up to additional lawsuits if the problem persists in the future. Second, as consumers learn about the safety hazards of a product, they are less likely to purchase that product, and often are less likely to purchase any of a company's products (after all, if a company has produced one harmful product and not done anything to remedy the problem once aware of it, then what's to prevent them from having additional products that are dangerous). Third, they are making themselves more vulnerable to competitors. If there is an inherent defect in a product, then it becomes easier for a competitor to produce a better product. Since laissez-faire capitalism recognizes that man is a rational being, and if given the chance the vast majority of people will act rationally, it is unlikely that a company would sell dangerous products for very long and still be in business.

Private certification and rating of products is another way that capitalism can prevent dangerous or worthless products from gaining a large market share. Consumer Reports is one example of such a rating program. Many people check the reviews offered in consumer magazines and websites before purchasing a product. Getting peer reviews is one of the best ways to learn more about a product before purchasing without any help from the government.

Government safety regulations in the markets can actually cause more harm than good. Lead paint is banned in the U.S., but that did not prevent Chinese toy makers from selling toys covered in lead paint here. Eventually the lead paint was discovered, but how many children were exposed before then? Parents assume that because

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