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In remarks made Wednesday by President Piñera, free competition is crucial "not only for the effectiveness of a social market economy system, but also for the ethics of the market. a social market economy system ". This is a definition that this newspaper shares and which, in a first analysis, seems to be well reflected in the consumer agenda that the government promotes.
A central element of this agenda will be financial portability, which aims to allow people to switch from one bank to another, at no cost, with all the products and services they have purchased. The president has focused on a particularly delicate issue, namely the mobility of mortgage loans between different institutions, so that "people have a simple and fast mechanism allowing them to apply to another bank offering better conditions ".
In fact, a measure that would introduce competition in this important market – combining transparent information with the possibility of switching banks – would be directly supported by several thousand debtors and consumers. The precedent for mobile number portability leaves no doubt as to how greater consumer autonomy can stimulate a market and generate value for all participants.
The idea of digital pharmacies goes in the same direction: empower the consumer (allow him to compare prices online) and, therefore, increase competition in this area. On the other hand, the proposal to avoid telephone harassment by companies looking for customers makes it clear that free competition has limits such as respect for privacy.
The Chilean experience of recent years shows that failures of competition – due to regulatory gaps, collusion of economic actors or for other reasons – seriously undermine confidence in the market economy. A renewed program for consumers is a sensible effort.
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