Protection of the consumer against “dishonest and unscrupulous business practices” has become a cardinal ingredient of welfare statism.
Left to their own devices, it is alleged, businessmen would attempt to sell unsafe food and drugs, fraudulent securities and shoddy buildings. Thus, it is argued, the Pure Food and Drug Administration, the Securities and Exchange Commision and numerous building regulatory agencies are indispensible if the consumer is to be protected from the “greed” of the businessman.
But it is precisely the “greed” of the businessman, or more appropriately, his profit seekeing, which is the unexcelled protector of the consumer.
The Assault on Integrity – Alan Greenspan (1963)