An economics professor I had in college defined money. He said it wasn't definable and that the closest he could get was to say that money is what money does. Lawlessness is as undefinable.
Blind trust/faith in anything is a bad idea. Leads to unwelcome outcomes. Blind faith that humans in regulatory roles will always do the right thing is wrong. It's why there are elections and oversight authorities, to provide some protection. When those are corrupted, they have to be fixed and systems exist to facilitate that. We can debate how effective those systems are today because we seem to be able to change parties but not change the resulting actions much.
We have seen countless demonstrations over thousands of years of recorded history that the absence of regulatory and law enforcement lead to bad and worse outcomes with more certainty (i.e. if a multimillion-dollar corporation could make another million by killing me, and there is no entity strong enough to prevent or prosecute them, they will surely deprive me of any rights). We know that power will be abused. So any system that relies on a "free market" or assumes that corporations and the wealthy have an implicit interest in 'doing the right thing' instead of one that provides for the public appointment of central authority is innately inferior. Of course, that doesn't mean that at any snapshot in time the former can run better than the latter - just that it's unlikely.
Read the Article at HuffingtonPost
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