More specifically, in a capitalist society food and drug companies would be held responsible for poisoning the customers they claim to feed or heal. The threat of lawsuits would be enough of an incentive to push companies to do their own research. The carcinogens may be initially kept secret but eventually everyone would find out. All firms in the industry sell an identical product. The main reason is that no profits are earned so their is no growth, no incentive to produce and probably no reason for living.
Perfect competition is the logical end of communism.
The idea that perfect competition is perfect arises by the overapplication of welfare rights and the abdication of property rights. Perfect competition assumes that producers do not have a right to profit. That people have a right to information that people have a right to goods, etc. No their all communists at MIT too. I'm new to this channel, and after reading a few messages in it, I have a few questions that I would like to ask.