Unregulated markets don't work, except in the way that cancer works to propagate itself before its host dies. They're not self-balancing ecosystems. After all, they're comprised of people.
Completely managed and controlled markets similarly don't work, and for largely the same reasons. After all, they're comprised of people.
Humanity has a unique knack for at least these two things: 1) constructing games, 2) cheating those games it has created for itself to play.
It's no longer enough to hedge against the risks of idealized perfectly spherical and rational actors bouncing about. We have to begin to take into account our own complexity and how we subvert the rules we lay out for ourselves.
CFCs:
https://en.m.wikipedia.org/wiki/Montreal_Protocol
Asbestos:
https://en.m.wikipedia.org/wiki/Asbestos_and_the_law
Lead paint:
https://en.m.wikipedia.org/wiki/Lead-based_paint_in_the_Unit...
Leaded gasoline:
https://en.wikipedia.org/wiki/Tetraethyllead#Phaseout_and_ba...
Regulation can be successful, but at best its slow and incremental, and in the long term corporations will weaken and subvert them. Just having a system which incentivizes good behavior in the first place would be better than trying to regulate bad systems
These are some hot takes, but somewhat surprisingly they check out. Will read more.
D'Angelo goes further and interviews law professors on this issue, and they all not only seem perplexed at first, but agree with him later, and the caveat, is that US Law as it is taught from an orthodox angle, is only really taught after the 1970's or so, and don't really cover how legislation used to be done before it, so law students would naturally assume that "things always were the same way" when it came to how transparency was handled!
Here are some of the talks he has had with Law professors
https://www.youtube.com/watch?v=IVfzvhRhmgI&list=PLzctEq7iZD...
And some other snippets in general
https://www.youtube.com/channel/UC88MPXm1jZPNRwdOGyBNqqg/vid...
By now I am convinced that this is the missing piece, that accounts for not only the split between worker-productivity and wages, but everything else since the 1970's, this transparency revolution, with the Toxic Transparency Paradox aftermath is what set the course to where we are today with legislative gridlock, polarization, increases in wealth inequality, oligarchic corporatism etc
The reality is that the system requires pigovian taxation to internalize their natural externalized costs, capitalism and specifically our modern version of neoclassical neoliberalism loves to socialize loses and privatize profits, we need public action against that
If you wanna hear my angle, I'd go for making Senates and congresses across the world secret, secret ballots, secret voting and secret deliverations and debates
If you wanna know as to why read on James DAngelo's Toxic Transparency Paradox, his congressional investigations on the systemic benefits of secrecy can be found on http://www.congressionalresearch.org/