This is a weak complaint actually and is ALWAYS used to compare free-markets to anarchal free-for-all. But the reality of the free-market is that there are MANY NATURAL controls on business.. Let's list some..
1) Customer satisfaction -- You get NO WHERE if you violate this one.
2) Contract Law-- Every business transaction has explicit or implied legal terms.
3) Liability -- This includes liability for the entire supply chain for your product if a consumer, supplier, or bystander gets hurt.
4) Competition for Market share -- You cannot easily dictate the market pricing, or specifications. You have to be BETTER in some way from your competitors.
5) Stakeholder Satisfaction -- They want you to make ZERO mistakes and lots of profit.
While there is truth in these statements, they aren't as black and white as you hope they appear.
1. Customer satisfaction only needs to be sufficient to retain the customers. If 1) they have no other place to go or 2) the other businesses are just as bad, then the corporate mindset is "let them bitch, as long as we still get their money".
2. Contract Law. Implied means little as anyone who failed to read the fine print at the bottom of a contract may have found out. Most contract laws regarding business transactions favor the business, not the customer. Even if a customer does sue, how is Joe Sixpack going to be able to fight against a corporate legal team? It takes both finances and legal acumen to go to court. The usual corporate strategy is to consider it an endurance race by stretching out the process until the plaintiff(s), that's little ol' you and me, finally run out of money and give up.
3. Liability. See "Contract Law". Unless it's something on the order of a Ford Pinto gas tank and not just shoddy design, the customer is usually screwed. How many here have bought something which came with a 90-day+ "manufacturer warranty", and the product failed outside the 30 day store warranty? Have any trouble getting it replaced? Yes, you pay all the shipping back and forth just to receive a replacement item of the same crappy product. Whoopeee!
4. Market share. Think monopoly and a good reason for government involvement. "Business is war". If a company provides a good product and uses whatever means available to drive out the competition, once they've won and are the last ones standing, they can control the market. They can also seek to reduce costs by making the product cheaper, cutting back on departments like "customer service/complaints" and other ways. Once they are dominating the market, unless a group like our government stops them, they can prevent any newbies from getting a start or establishing a beachhead simply by undercutting their prices in that area until the fledgling business fails.
5. Stakeholder Satisfaction. Correct on the profit, disagree on the mistakes. Who cares about mistakes as long as the money keeps rolling in? Money is GOD in this country. A corporation is a money engine. It's sole purpose of existence is to produce profits. It has no soul, so it doesn't care how those profits are generated. Quasi-legal isn't illegal. Illegal only means getting caught. Don't get caught, cover yourself in legal mumbo-jumbo with lots of buffers between your management elite and those actually doing anything "quasi-legal" and you're good to make that Friday afternoon tee time.