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Why do we still need regulation?
We still need government regulation because history has shown us that companies and individuals have competing priorities when it comes to conducting business. When left on their own, companies and individuals routinely place the safety and welfare of others as low as possible on the priorities list. As BP did time and time again, even in the face of public scrutiny. When the government does not regulate an industry or profession there are people who will take advantage of others and cause harm without being held responsible. The government is able to provide the infrastructure and authority needed to create regulations and enforce them. While some industries and professions have governing bodies they do not always have the authority needed to enforce standards. I think that non-regulatory approaches can be useful but government regulation is necessary to ensure the ethical and safe operating of business.
Regulation is imperative to the success and sustainability of not only our nation, but also the world as a whole. Regulation is intended to provide a system of checks and balances, as well as meet the best interests of all. It is also intended to keep people safe, and assist with the decision making of those who are unable to make decisions for themselves.
The BP oil spill from this weekâ€™s video was an example of a situation and corporation that was not regulated to the extent it should be. Because of the lack of oversight, our environment was subjected to a massive oil spill, and damage beyond repair in many cases. Stories such as the BP incident are becoming all too regular in our society. I frequently visit Corpus Christi, TX for work, and I faced a situation in which Valero Energy possibly contaminated the drinking water. Much of this issue was preventable, and it was determined later that the state of Texas is one of the only states that do not regulate the handling of this proprietary asphalt chemical used by Valero Energy.
While regulation is intended to provide checks and balances, there are checks and balances required in regulation itself. Too much regulation, control and power can lead to negative consequences as well (Communism).