The Market’s Safety Net: How Underwriters Laboratories Keeps Us Safe

Free-marketers rightly argue that the market is capable of providing many services that the government currently controls, from the choice and use of money to contract enforcement. There are even private means of regulating business, and as it turns out, we already benefit from them.

The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.

Look at the back of your computer monitor, the bottom of your table lamp, or the label on your hair dryer. Chances are you will see the symbol “UL” with a circle around it. It stands for Underwriters Laboratories, a firm headquartered in Northbrook, Ill., and an unsung hero of the market economy.

Most people don’t realize that dozens of products in their homes—toasters, fire extinguishers, space heaters, televisions, etc.—have been tested by the Underwriters Lab for safety. The Lab also tests items like bulletproof vests, electric blankets, commercial ice cream machines, and chicken de-beakers, among thousands of other products.