Question

How should capitalist societies balance the values of individual freedom and equal opportunity with the obligation to provide consumers with the information and protection they need to make safe, informed choices?

Answer 1

Capitalist societies should bring more transparency in their work, give more disclosures and eliminate information asymmetry in a way that their products and services give more attention upon value creation for the consumers without making any compromise in pricing strategy. It will make capitalist societies get equal opportunities, make prominence of demand and supply forces and create private property rights, while consumers have detailed and precise information to take right decisions when they make buying choices. It makes a balance between the two aspects of the economy as stated in the problem statement.

The above approach can be implemented by making regulations to provide complete information about the products and services, get certified by the acclaimed third party agencies and approved by the agencies on the basis of objective criteria. It helps provide free, fair and equal opportunities for all without compromising the individual freedom. At the same time, consumers get access to these information and make selection of correct alternatives. As a result, consumers are well protected and balance is created as demanded.