To Regulate or Not to Regulate



To Regulate or Not to Regulate

Introduction

The regulation process involves the proper formation, monitoring and implementation of a specific legislation or system that is intended to benefit the people and the society in a better way. The regulations are made in the society based on the demands of the people and the requirement of the law makers or the government or industries. Several industries and institutes require a proper regulation and legislation in order to work efficiently and provide better services to the people and the society as a whole. Regulations involve the implementation of laws that are needed to be enforced into a society (Beardsley, 2005). This paper discuses the importance of regulations in a society particularly in the business arena. It discusses the concept of self regulation and the influence of morality and ethics on regulation or deregulation process. The significance of government intrusion in the enforcement of law and regulations is also discusses in the paper.

Significance of regulation

A proper regulatory and legislative system in an economy enables the government and authorities to enforce law in the society specifically in those areas industries that are needed to be controlled and monitored. For example, regulations and legislative framework would help the law makers in regulating and monitoring the national policy on drugs and trafficking. It will help the society in dealing with such dilemmas in the future. The regulations of different political parties and other public and private authorities in the economy lead to the control over the activities of certain industries and institutions. The regulations help the government and authorities in preventing the circulation and spreading of low quality and no required products from the reach of customers and the society that are likely to have poor effects on the health of the people of the society and ultimately lead to the increase in the health care costs of the country. The laws are refined through the implementation of regulations in a society (Meier, 1988). The law enforcement intends to provide an environment of fairness and integrity that would have positive impacts on the society and the national income and productivity of the country.

Regulations in economy, politics and business

The intrusion of regulations in an economy sometimes hinders the performance of several industries an organization because it affects the free market and capitalist view of the market and trade in a nation. However, the governments impose regulations in an economy or on particular industries in order to monitor the performance of particular organizations that could lead to the balance in a society based on the policies of a country and the government. The political parties and their influence can be controlled through the intrusion of regulations and legislative framework in the society. The regulations of business are seen as an action by the government of the nation to hinder the competition in the market. However, it can be justified from the fact that the governments need to balance the trade and they have a ...