The ''free market'' is regulated in countless ways. Civilized society MUST be regulated or anarchy is the result,
Anarchy is detrimental to society and to the market place, ( remember the mortage fiasco ?). Self regulation is what is going on now in the
vaping industry, anarchy has been prevented up to now. Mostly reason has prevailed, we only have those 11 % to be careful of and keep in check before they ruin it for all of us by forcing government to step in and regulate the s**t out of it.
Anarchy is the absence of government. There's a difference between gov't upholding rights
through the justice system and gov't violating rights through regulation.
There's a difference between gov't handling fraud and theft in business, through the justice system, and
gov't creating fraud and theft through regulation. The mortgage crisis was the result of gov't forcing banks to make loans that in a free market, they would never make. Those toxic loans were then packaged in such a way that the trading of those packages was bound to fail, expanding the 'mistaken' practice from the banks to Freddie Mac and Fanny Mae to the financial markets as well. Without the prior intervention by gov't, through
regulation in place of justice, into the mortgage business, no such crisis would have occurred.
If instead of gov't forcing banks to make a higher percentage of their loans than normal market conditions would dictate, to certain low and medium income groups through regulation, via a
blanket regulation that ensures default - if instead of that, that they used the justice system to uphold the law against specific cases of redlining and discrimination, you would have seen no instances of toxic packaging and credit default swaps, etc. etc. and would have taken bank officers to jail, who specifically stopped people who were credit worthy from getting home loans. That's the difference between justice that enforces laws, and regulation that skews the free market into some socialist "utopia" that ends up violating everyone's rights, because of the 'we know what's best for you' ideology of the idiots in charge.
The vaping business, as you say, is now 'self-regulated'. If the deeming (regulation) goes through as planned, you have gov't intervention that could - as stated in the deeming - force all small vendors to 'exit the market' - and could result in only the big tobacco companies selling ecigarettes. The fact that the industry has, for a long time, passed the level of ecigarettes and has instituted innovations that improve devices and eliquids beyond the initial level of cigalikes is why - AS A RESULT OF THE INTERVENTION - just as in the mortgage industry - could result in what you might call 'anarchy' - a thriving uncontrolled/non-self-regulated black market. (or an underground market under less scrutiny that it has now in the open market).
And it isn't the
absence of gov't - ie anarchy - that caused it, but just the opposite - the
presence of gov't going beyond it's Constitutional authority of merely upholding rights and applying justice to those who violate them - but that
intrusion of gov't into the marketplace with ideas of how
they think, they can make it 'better', rather than letting the market decide as we have done now for going on 7 years and doing rather well at it.