Markets mess: Over regulation as bad as under regulation

The banking crisis of the last few years should alert us that there is something wrong with aspects of our economic theory.

I believe the call for unregulated markets and small states have landed us in the mess we are living in.

An unregulated market is a gangster economy run by the strong and ruthless. Competition, labour conditions and consumer rights get destroyed.

Markets have traditionally been regulated by the state to protect consumer rights, health and safety of workers and to break up monopolies.

For a market to function properly it needs oversight. There is a danger of an over regulated market by the state. This problem of regulation is a lesser problem today.

Over regulation is just as bad as under regulation.

John O’Brien

Buttevant

Co Cork