The major barriers to competing with Google/Amazon/Facebook etc are not regulatory hassles, by far. Even in highly regulated industries, like space launch vehicles, the additional cost of compliance over your own due diligence isn’t the biggest barrier.
Also, consumers on average do a bad job of managing anticompetitive behaviour and harmful externalities, even if they know about them. Convenience and habit are strong motivators. And we need regulation to disincentivize companies from outright lying in the first place.
Companies and people in a fully free market system won’t magically become rational automata that behave ideally. We’re only human. Our superpower is the ability to collectively leverage our individual specialization. Foresight for negative externalities is a specialization that needs regulation to be effective.
Also, consumers on average do a bad job of managing anticompetitive behaviour and harmful externalities, even if they know about them. Convenience and habit are strong motivators. And we need regulation to disincentivize companies from outright lying in the first place.
Companies and people in a fully free market system won’t magically become rational automata that behave ideally. We’re only human. Our superpower is the ability to collectively leverage our individual specialization. Foresight for negative externalities is a specialization that needs regulation to be effective.