You bring up a good a point
@new_trader. Plato even had a thought on this long before we did. "
sed quis custodiet ipsos custodes?" Translation: "
but who will watch the watchers?". It is his question as to how power will be held to account. Actually the quote can be extended ad infinitum to who watches the watchers of the watchers and so on. The Problem is if you have watchers then you have to have oversight over the watchers. How do you know that those in oversight will not be corrupt? "Power corrupts and absolute power corrupts absolutely". This is why the US has banned the advertisement of cigarettes and not the production of cigarettes.
Secondly
@barjon, capitalism did not create tobacco companies. You are stating a false cause fallacy and I cannot fathom why. As the fallacy suggests, people falsely associate a correlation between something that happens after occurence of something else. Tobacco predates the ideas of capitalism and; therefore, it cannot be its cause. Your argument states that cigarettes companies would somehow be less out of control in socialism. How will mixing socialism with capitalism do any better than the naked capitalism by which you call it?
Again, if you create an oversight committee to monitor tobacco companies, you are left with a who watches the watchers question. In fact, it is you who is saying that people too are stupid to make sound decisions for themselves, not I. True freedom is giving people the choice to do something and reap the consequences of their actions. This ties in with
@new_trader's anecdote.
Additionally, we can all remember being children. When your parents told you not do something, it made you want to do it even more. Whenever the government tries to tell people not to do something that is bad for them, it is always met with resistance such as creating bootlegs and underground activities. If the government banned cigarettes tomorrow, it would only create a black market for them and that is not capitalism's fault.
What you speak has been tried many times and failed. The prohibition of the sale of alcohol was part of the temperaments acts to try and regulate behavior into what was socially acceptable. Some people actually believed that if you removed alcohol that people would behave better and wouldn't beat their wives. The government banned the sale of alcohol with the 18th amendment and then had to repeal it with the 21st amendment after the sale in the black market grew so big that it was out of control. Nobody wants a repeat of that sceanario. This brings up two very good quotes.
“Those who cannot remember the past are condemned to repeat it.”
- George Santayana
“What's right isn't always popular. What's popular isn't always right.”
- Howard Cosell
This brings us back to what I had stated so many posts before, which is the tyranny of majority.