Modern economics research shows that the efficient markets hypothesis is not true and definitely requires government regulation to operate in the way that Chicago School econ describes it. So that leaves Elections as the better balance mechanism by default.
This is a non-sequitor. The efficient market theorem can be untrue without elections necessarily being better at determining efficiency. I personally don’t believe in the efficient market (it’s why I’m an active trader). But elections, where ill-informed people vote on topics they barely have any knowledge about, risking nothing in the process, seem significantly worse at guaranteeing acceptable outcomes.
Can you go into more detail on how that could be for me? If the EMH is untrue, then there must be some other mechanism besides competition that checks the private sector, no? What would that be?
I'm implicitly lumping "regulation" as part of the Elections mechanism, btw, so I'm assuming you didn't mean regulation as the mechanism.
Meanwhile unregulated fields like software, computers and communication have enjoyed the fastest and most remarkable progress in modern history. Progress which benefits us all every day.
First of all, You seem to be confused because you are mistaking what happens in Russia, Venezuela and China for actual elections. Whatever happens in those places is certainly not what I meant by the term "elections."
Second, You point to "three" (or are those 3 things really the same thing?) successes in competition, each of which were aided by investment authorized by elected legislators. Then you point to one failure of elections and proceed to conclude that competition is the better of the two. It doesn't follow, I'm afraid.
As for Trump, yes, that was the elections mechanism failing. I never said it was perfect. But the Market competition mechanism fails more often, in my estimation. Neither is perfect, but competition seems to create much higher probability for imperfection, abuse, flaws, and suffering.
The effects of free market "failures" are comparatively laughable and always corrected by the free market itself sooner or later.
There is no contest which one is graver. To pretend otherwise is to ignore the reality and evidence all around us.