Political systems (dictatorial law) and free market economics are opposites, Wohl. They do not work “hand in glove” as you claim. In the market, consumers hold the reigns. In the state, dictators (slaveholders) rule. The US Constitution was an attempt to combine contract and state. “Social contract” is not a true contract, because it is not signed by all parties. It is heirarchical. It is not unanimous as is a true contract.
Regarding the cruise ship example, in a market economy, there is much more direct accountibility than any bureaucracy could achieve with its distant and arbitrary regulations and penal declarations. I find it hard to believe that the sinking was not caused by negligence. I would need more details regarding the incident in that regard. Nevertheless, market mechanisms are much better at preventing such accidents than statist dictat. Any company that is in charge of preventing such accidents would suffer a tremendous loss of business, and any insurance company that did not require adequate safeguards would suffer in terms of the large number of claims. This applies to loss of life and limb – not just structural damage to the vessel.