Free Market theory holds that open competition is enough to keep children safe on amusement rides. That might be true if amusement parks allowed consumers to view injury records, but they don't. In this instance, well-designed regulation helps to restore a Free Market balance. Remember that giving business free rein led to the Savings and Loan disaster of the 1980s. On the other hand, giving government free rein led to Iran-Contra.
Balance is important.
So is citizen involvement. Don't blindly trust business or the government to watch out for the welfare of your family. If a ride seems unsafe to you, for any reason, then don't ride it. Some parks, carnivals, and manufacturers voluntarily comply with those standards. F-24. Safety standards are an invaluable guide to help industry and government develop a uniform system of checks and balances.