First, the merits.
Some junk food was invented specifically to combat weight loss. Candy bars with nuts and chocolate were created in the First World War because soldiers overseas were losing dangerous amounts of weight.
Junk food has a tremendous convenience factor.
Not all junk food is junk food to everyone. There are substantial differences of opinion and cultural factors. Is beef jerky junk food? It has extremely high protein and very little fat, but excessive sodium and preservatives are a problem. Is ice cream junk food? How about a PowerBar?
Then the demerits.
Junk food falls into a few main categories. These are too fatty, too salty, and too sugary. The dense fats in many junk foods pack more fat calories into a single meal than is recommended for a whole day. Salted foods like potato chips, salted pretzels, and pickles load up massive doses of sodium, which is especially problematic when these foods lack any potassium; naturally salty foods are generally balanced with some potassium which helps balance blood pressure and heart functions. Sugary foods have quantities far above what the pancreas and liver can handle; one 40 ounce soft drink can trigger diabetic reactions.
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Merits of liberalization: It can lead to increased competition, innovation, and efficiency in industries, stimulate economic growth, attract foreign investment, and create more opportunities for consumers. Demerits of liberalization: It can result in job losses in certain sectors, widening income inequality, exploitation of labor, environmental degradation, and vulnerability to global economic shocks due to increased interconnectedness.
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Merits-Everyone is Equal. Demerits-Everyone is Equal.