Second, our historical analysis seems difficult to support, at best. We'd all agree that the wealthy have disproportionate power, but to say that profit trumps social good every time makes it difficult to explain a number of historical events. If that statement were literally true, we'd have no
child labor laws
labor unions
minimum wage
income tax
property tax on company-owned property
insider trading laws
environmental regulations
worker safety regulations
(just to name a few)
That assumes things like that were designed for the "social good."
Taxes and regulations are often used by the wealthy and/or huge corporations to benefit themselves.
It wasn't so long ago that incandescent bulbs were effectively banned in the U.S. "Bad for the environment" and all that jazz. Who pushed for the ban? Light bulb manufacturers. Why? Because incandescent bulbs were inexpensive and not as profitable for them. Banning them ensured that consumers had no choice but to buy more expensive (and more profitable for the manufacturers) fluorescent and LED bulbs.
At the time, one could see that LED bulbs were the future. They were safer and more efficient than fluorescent bulbs but, at that time, still much more expensive. But it was clear that the prices would come down.
Thus, there was no real need for a ban on incandescent bulbs. But, politicians need to be seen as "doing something" and big corporations wanted to squeeze more profit out of people, so . . .
And then there was a "child safety" law passed requiring testing products intended for kids. For their "safety," of course. This happened after lead paint was found on toys. Where were these toys made? China. Did they limit testing to products produced in China? Nope. Even though there were already lead paint bans in the U.S. and even though U.S. manufacturers weren't the cause of them problem, testing was required for everyone. And, it went beyond lead paints to test for other chemicals as well.
So, each item would have to have samples tested. Companies would have to send out products to third-party labs for testing to ensure compliance.
But, wait . . . If the company was large enough, they could have their own internal lab do the certification.
And who were some of the companies large enough to do their own testing? Why that would be the companies outsourcing their production to China.
And who does that benefit? All the smaller companies, especially those that manufactured their goods in the U.S., that now had to submit to expensive third-party testing, that were never the cause of the initial problem (lead paint)? Or the huge corporations who were able to set up their internal testing facilities, who were better able to absorb the cost with little impact on retail pricing, and who were the cause of the problem (lead paint) in the first place? And those huge corporations, who never worried about the safety of their product before could now self-certify that their products were safe?
I mean, seriously, what the frakkin' heck? The same companies that were responsible for the unsafe products could now self-certify that, oh, yeah, our products are perfectly safe now but small companies that weren't responsible for unsafe products had to submit to expensive third-party testing to make sure their products were safe? Seriously? What the frakkin' heck?
But, of course, that was for "child safety" and the politicians were "doing something" and the fact that it hurt small and medium-sized businesses and benefited huge corporations was probably coincidental.
And then we can come to Internet sales taxes. Remember how Amazon and other companies opposed sales taxes on the Internet? You know, until they had grown to the point where their systems could easily manage sales taxes. And then it was okay because sales taxes were onerous on small to medium-sized businesses. Sales taxes hurt the competition while having little to no impact on huge companies like Amazon. So, then companies like Amazon turn around and they're like okay with sales taxes.
So, the idea that some laws and regulations are "good for society" are often more marketing hype than reality. If they happen to maybe possibly occasionally kinda help the public, that's typically ancillary to the fact they highly probably helped line the pockets of politicians and huge corporations.