With no consumer protection or standards, this is what happens.
Not always, some times a wild market eventually results in some of the strictest standards which also happen to be self enforced.
I say sometimes but some economists believe, in the long term, this will always happen. I think reality is a bit more complicated, and in the very long term we're all dead. So for the duration of any one human life time, amazing self enforced standards sometimes arise form chaos. Those send to be far superior to anything government can do. But government is often quicker to come up with enforced standards.
Not always, some times a wild market eventually results in some of the strictest standards which also happen to be self enforced.
I say sometimes but some economists believe, in the long term, this will always happen. I think reality is a bit more complicated, and in the very long term we're all dead. So for the duration of any one human life time, amazing self enforced standards sometimes arise form chaos. Those send to be far superior to anything government can do. But government is often quicker to come up with enforced standards.