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The role of regulation in our society and economy is often debated

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The role of regulation in our society and economy is often debated. To some, regulations are unnecessary governmental interference and a drag on business success and economic progress. To others, regulations are a necessary intervention to ensure an even playing field as well as public safety and minimal standards of protection.

Where should we fall on the regulation spectrum? Should the same approach be taken regardless of industry or product, or should it be decided on a case-by-case basis?

Can you provide the example of an industry or product that self-regulates effectively? What about a product or industry that has a history or an example in the past of poor self-regulation?

Can or should any industry self-regulate? What are the problems inherent in that approach?