Can a government regulatory system be reformed? In a word, no. The free market is always the best regulator of quality and safety.

Original Article: "Regulation in the Free Market: It’s Not What Most People Believe"

When the idea of a totally free market is floated in economic discussion, a widely accepted critique of such an idea is often related to the issue of how goods and services could be guaranteed safe for consumption. After all, without a government sending inspectors and decreeing standards of safety for products, it is often assumed companies, in their everlasting quest for profits without mercy, would have no incentive against selling whatever brings in the most cash.
This, however, is well understood by the Austrian school to be untrue, and I do not wish to beat a dead horse by explaining why. Instead, I want to focus on how a true free market would enact regulation in a natural and decentralized fashion and how it could emerge in a real-world situation. So let’s jump out of our Orwellian