Response to Sean's Question: What do you think businesses would be like if they were all self regulated?

I agree with Sean’s post. Governmental regulatory agencies are more effective than self-regulations. They have more power and have a better handle on strict regulations they put in place and can better enforce them.

At first it would be easier to be self regulated so there is more freedom but in the long run it would be a mistake to take out Government regulations. If all businesses were self-regulated the guidelines would differ from company to company and there would most likely not be a common regulation for all, but specific regulations could be created in a more personalized manner to better suit the specific needs of the company.

But on the down side the companies may take advantage of being in charge and make less strict regulations in favor for themselves to create more profit and make things easier. The regulations would also not have as strong as enforcement as the Government regulations due to lack of money, power, and the want to enforce them. I think some companies would just write out regulations to look good but not actually follow them because there is less of a chance of someone checking up on it. Ultimately, I do not think companies would succeed without Government regulations. 

Do you think the government would ever give up the power of its regulations? What would have to change in the way companies are today for this scenario to even be possible?