Defects that are undetectable for a long time would, pretty much by definition, escape notice by FAA inspectors.
And how could a manufacturer of airliners that get a reputation for hidden defects expect to stay in business?
I’d suggest that only a minority of passengers would conduct any meaningful research on safety, and even less would really be able to judge.
By nature, the numbers are already going to be so low as to be meaningless - are people really going to choose and airline based on a 1/1,000,000 chance of an accident vs a 1/3,000,000? (assuming they can find that information) if airline A is only 60% of the price of airline B?
And also - what would happen to the code-share market?
I agree. The ‘free market solution’ mentioned upthread would not work. The vast majority of passengers will still choose their flights by price, and not safety. The burden of safety would then be moved to the consumer. i.e., ‘It’s their own fault they’re dead. They could have paid a little more for a safer ride.’
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The consequence if you did this is that the FAA can investigate, make arrests, and even send people to jail over this. It rarely happens but it is within their power as a federal agency.
In a libertarian free market, the only thing you can do is hire assassins or something.
One only has to look at history to see what would happen without the FAA. Look into why the CAA was formed and why it became the FAA. Hint: The a fore mentioned crash in The Grand Canyon plays a role here. Also, the main driving force for forming the CAA was the airline industry itself.
The mid-air collision in the New York area between a Lockheed L-1049 Super Connie & a DC-8-11 in December of 1960, led to the expanded role the FAA has in determining safe practices.
As an aircraft mechanic I can tell you that the main reason that A&P mechanics do not fly, is the same reason that most folks do not fly, MONEY! A&P mechanics are paid less then their diesel counterparts. It took me over five years working as an A&P to achieve the salary that I had as a diesel mechanic with only two years experience. I fly any chance I get.
Why did I stick it out? I love aviation! Unless you are going to count my mental condition against me, it has to be that I felt honored to be tasked with keeping the flying public safe. It sure wasn’t the $$ or the benefits! Both were better in the diesel industry. Although, airplanes do tend to be much cleaner then the semi-trucks or bulldozers are. The parts are also lighter as well.