Protecting Consumers and Sustaining Economic Balance Between Traditional Markets and Modern Retailers
Keywords:
Market competition, traditional market, modern retail, consumer protection, government policy, monopoly, trader empowermentAbstract
Competition between traditional markets and modern retail is growing along with technological advancements and urbanization. While modern retailers offer convenience and a wider variety of products, traditional markets face major challenges in competing, especially in terms of capital and technology. This competition creates an imbalance of power that impacts consumer protection, which is often more vulnerable in traditional markets. Government policies are key to maintaining a balance between the two sectors. Clear regulations and strict supervision of business competition are needed so that consumers can be protected from unfair business practices. Empowering traditional markets through training and access to capital can help create fairer competition. The government should also ensure transparency of information regarding prices and product quality in both types of markets. With policies that support both sectors simultaneously, consumers will benefit more, while markets maintain diversity and a more equitable economic and social balance.
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