Why Consumer Protection Promotes the Free Market

Author(s):  
Joseph William Singer
Author(s):  
Stuart Aveyard ◽  
Paul Corthorn ◽  
Sean O’Connell

The chapter begins with an examination of debates around consumer protection and hire purchase in the 1930s. It explains the emergence and significance of the Hire Purchase Act, 1938. It explores radical (but thwarted) Labour plans to reshape important sectors of the consumer credit market during the 1940s. The chapter then explains the influence of Keynesian theory and its role in generating new policy on economic demand management. The Conservative election victory of 1951 owed much to the party’s courtship of voters with free market rhetoric, but this government instigated hire purchase controls to improve the balance of payments and combat inflation. Labour dubbed the measures ‘a very vicious piece of class legislation’. This policy created long-standing disagreement between the Treasury and the Board of Trade (and consumer durables manufacturers) about the damage to UK manufacturing. The chapter outlines developments up until the Radcliffe Committee was tasked to examine the issue.


1971 ◽  
Vol 35 (4) ◽  
pp. 21-28 ◽  
Author(s):  
John J. Wheatley ◽  
Guy G. Gordon

Laws to limit the rate of interest or service charges on consumer credit are presented as consumer protection devices on the grounds that credit grantors have an advantage over their customers. Opponents of such laws argue that they impair the free market process, that consumers will have to pay credit costs indirectly (such as through increased prices), and that low-income consumers may be forced out of regular credit channels and into the arms of illegal loan sharks. This article summarizes a study to determine the impact of a credit rate limitation law on businesses and consumers.


2016 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Ali Mansyur ◽  
Irsan Rahman

As the Consumer Protection Law Enforcement Effort for Quality Improvement National Production outlines that globalization opens free market requires businesses to compete on a competitive basis from the galloping pace of international business competition. Opportunities entry of goods importedfrom abroad should be able to be supported by regulations to safeguard the rights of consumers and businesses nationwide are required to produce a quality prodak capable of fulfilling the rights of consumers and be able to compete competitively in the global market. The research method using normative juridical approach with The data collection methods focus on literature study materials secondary law. research shows that the production quality standardization aims to improve consumerprotection and to realize smooth trade and a healthy business climate, embody the fulfillment of the rights of consumers, and improve the quality of prodak grade; The next responsibility of businesses in ensuring the quality of the production is to provide the fulfillment of the rights of consumers, the conception of the activities prohibited to businesses in the form of regulations to not produce harmful products and are not qualified, and quality standardization efforts of national production; whereasconsumer protection law enforcement efforts in improving the quality of national production is through the efforts of standardizing the quality of production, the preventive consumer protection and dispute settlement, prosecution and sanctioning both on aspects of criminal, civil and administrative.


FIAT JUSTISIA ◽  
2020 ◽  
Vol 14 (1) ◽  
pp. 83
Author(s):  
Hamzah Hamzah

The free market era provided uninterrupted traffic in goods and services throughout the world, and was initially formed to offer benefits. Although there were still protests in technical problems and rising disputes that led a sue to legal institutions, countries agreed to maintain the free market. As a counterpart, the free market cannot ignore consumer’s protection as a standard of service. The liability development between consumer and producer relationship arranged from caveat emptor, to caveat vendor and finally to strict liability in the consumer protection system, implies disclosure of information on products and services. This research faces the legal theory of a free market regime with the theory of consumer’s protection law. This research proceeds to discuss two main issues. The first issue is an essential of Financial Technology or Fin-tech of services. The second issues is the influence of Fin-tech on the free market and consumer protection. Research uses a normative legal research method and the data obtained are secondary data from literary sources such as literature, articles and internet sites. Results of the analysis shows; first, the free market regime is both an opportunity as well as a challenge, therefore it is still worth to maintain. The consumer protection’s regime is the balance point of the free market’s regime. Theoretically, consumer’s protection must be used as a tool to protect the consumer’s interests. Moreover, it could manage the behaviour of service providers. Secondly, the role of the Financial Services Authority is a key to ensuring that balance is still on maintained. Supervision and determination of financial service providers broadly provide information for the public to choose carefullyof their necessity financial services


2007 ◽  
pp. 27-45
Author(s):  
B. Titov ◽  
I. Pilipenko ◽  
A. Danilov-Danilyan

The report considers how the state economic policy contributes to the national economic development in the midterm perspective. It analyzes main current economic problems of the Russian economy, i.e. low effectiveness of the social system, high dependence on export industries and natural resources, high monopolization and underdeveloped free market, as well as barriers that hinder non-recourse-based business development including high tax burden, skilled labor deficit and lack of investment capital. We propose a social-oriented market economy as the Russian economic model to achieve a sustainable economic growth in the long-term perspective. This model is based on people’s prosperity and therefore expanding domestic demand that stimulates the growth of domestic non-resource-based sector which in turn can accelerate annual GDP growth rates to 10-12%. To realize this model "Delovaya Rossiya" proposes a program that consists of a number of directions and key groups of measures covering priority national projects, tax, fiscal, monetary, innovative-industrial, trade and social policies.


2013 ◽  
pp. 147-158
Author(s):  
V. Kulakova

We study the reform of financial regulation initiated by the Dodd—Frank Wall Street Reform and Consumer Protection Act of 2010. Major factors impeding Obama’s financial and economic policy are explored, including institutional difficulties, party warfare, lobbyism, and systemic inconsistencies of international financial regulation. We also examine challenges that are being faced by economic and political sciences due to the changes in financial regulation and also assess the level of radicality of the financial reform.


2018 ◽  
Vol 19 (2) ◽  
pp. 87
Author(s):  
Siska Wulandari

Manufacture Sub Sector Garment And Textile have financial distress condition. Increas of sales is one of choice for company can be competitive in free market. But increase of sales will be followed by the many possibilities of uncollected receivable or the low receivable turnover which can effect forced the company to further provide working capital. One way is to get working capital from a third part or what we call debt.This research aims to determine the effect of receivable turnover and the solvency ratio toward the financial distressThe problems of the research were: 1) is the receivable turnover effect toward financial distress condition on Garmen and textile company Listed on IDX on 2011-2015? 2) is the leverage ratio effect toward financial distress condition on Garmen and textile company Listed on IDX on 2011-2015 ? 3) Are the receivable turnover and solvency ratio effect toward financial distress condition on Garmen and textile company Listed on IDX on 2011-2015?The sample of this research is 11 Manufacture company of sub sector Garmen And Textile were taken by using purposive sampling techniques. This research data used secondary data that getting from literature review. Data were tested using multiple linear regression analysis to determine the effect between one variable with another variables, and the data was then processed using SPSS 22.0 for windows.Result of the research showed that partially, receivables turnover hadn’t a significant effect toward  the financial distress. Partially, solvency ratio (Debt to Asset) had a significant influence toward financial distress Simultaneously, receivable turnover and solvency ratio had a significant effect toward financial distress. Kata kunci:Waste Bank, Waste Bank Management, Waste Bank Basic Concepts, Economic Improvement of the Family


CounterText ◽  
2015 ◽  
Vol 1 (1) ◽  
pp. 38-58 ◽  
Author(s):  
Caroline Rooney

The initial part of Caroline Rooney's essay offers an incisive account of the author's experience of Cairo in the years leading up to the 2011 uprisings that led to the end of Hosni Mubarak's rule. Rooney's narrative evinces an active Downtown cosmopolitan spirit characterised by a burgeoning sense of ‘audacity’ in forms of arts activism, and its attendant collective spirit of perseverance that increasingly rendered ineffective the repressive manoeuvres of Egypt's disciplinary State. Criticising the impulse to construe the Egyptian revolution in terms of a mimetic desire for a secular democracy on Western lines, Rooney insists that the Arab uprisings consisted, in many respects, of a revolution against Western-style free market neoliberalism. Countering the perpetual cynicism attendant to the latter, Rooney argues, requires a form of politicisation that maintains ‘the ongoing presence of the real as a matter of collective spirit’ – one that can outlast the colonial interlude by resisting the absolutist self-assertion of market fundamentalism and its collusions with ‘diplo-economic cosmopolitanism’ as a mode of class-discriminatory privilege, as well as the compromising nature of right-wing Islam. Rooney moves on to locate a counter-movement based on an alternative form of consciousness that manifests itself ‘as solidarity, as resoluteness, as genuine comradeship, as collective consciousness, as revolutionary faith and [as] festiveness.’ In the last part of her essay, Rooney raises the intriguing case of Sufism, and specifically its mulid rituals and its important role in the Egyptian revolutionary effort, as a relational cultural mode that can survive the will-to-dominance as a persistent and liberatory collective gesture.


Sign in / Sign up

Export Citation Format

Share Document