Question

what industries need more regulation and what exactly should be regulated? Why??

Answer 1

All types of industries are regulated by government so that the government ensures that they do not conduct any such activities that tend to harm or damage the interests or wellbeing of society and individuals as well as the environment.

But there are certain industries that are highly regulated than the other, either due to the nature of its operations or due to high chances of exploitations.

These highly regulated Industries are supposed to operate under certain standards laid down by the government in compliance of which they are supposed to carry out their activities.
Some of the industries that need to be highly regulated are :

Health Care:
Health care should be put under high regulations as there should be no scope of exploitation in such industry which is directly related to the health of human beings. . As witnessed the health care sector is no longer being treated as a industry operating for social cause and wellbeing of individuals and their health , but has started to operate with the help of a profit motive.
The medical expenses have hiked so much that , it is no longer affordable for middle class people who have limited income. Moreover there is much adulteration in production of medicines and exploitation of patients by overcharging the service being offered. There are some families that cannot access certain health care centers because of charging high expenses for basic treatments. This can put a drastic impact not only on the health of our society but will result in breeding diseases and health issues.

Why it needs to be regulated:
The main reason is that health care is a significant sector that can put a drastic impact on lives of people and any exploitation in such a industry for private gains can directly impact the lives, thus causing the most potential harm to society.

What exactly needs to be regulated:
The growing expenses for treatments, the adulteration in medicine production, the overcharging patients by private clinics , and hike in price of medicines needs to be regulated.

Therefore these regulations will ensure that no such exploitation is done, through setting standards for charging expenses not exceeding a particular amount in each area, which will be applicable to both govt as well as non govt health care institutes. Health care should be thus made; Accessible, Affordable, and Available.

Finance:
Finance industry should also put under high regulations , to ensure equality in distribution of funds , no discrimination of any kind and eradication of corruption.
Finance industry and employees working under it, should be put under strict scrutiny to ensure no concentration of money in few hands, making rich richer and poor , more poorer.

Why needs to be regulated:
There have been some issues relating to finance , such as the female employees are paid considerably less than males in some countries, or loan is only allotted to them who have a good financial background or a guarantee. There are some many fraudulent cases witnessed in banking sector and thus this industry is required to be under strict regulations.

What exactly needs to be regulated :

The malpractices in finance industry needs to be regulated due to which equal distribution of finance is hampered resulting in growth and increase in standard of living in some sectors while others remain backward.

Coal and mining industries :
These industries need to be highly regulated because of the nature of operations in such industries.

Why :
Labourers are exploited by making then work for longer hours, making them transfer high weight materials, resulting in hampering of health of these labourers made to work ruthlessly. They are made to work without proper safety , like uniforms, masks etc. Therefore in such industry to protect the rights and well being of labourers it is important to regulate it through continuous inspections etc.

What exactly needs to be regulated :

The operations conducted by labourers need to be investigated , to ensure moral and ethical human practices , appropriate working hours, weight lifting limit proper uniforms, safety etc. Their activities should be monitored to ensure they don't totally harm the environment where digging and mining is conducted.

Nuclear industries:
This industry if remains unregulated can destroy the nations and result in threat to the survival of mankind.
Since nuclear industry produces nuclear weapons , it is important that the industry is highly regulated, so as to ensure no threat to the mankind is posed by such large productions.

Why
Nuclear industry produces nuclear weapons like bombs, pistols. Etc thus harming the peace and tranquillity of nations and their relationships. This results in one nation overpowering the other on the basis of its nuclear weapon production.

High restrictions and limits should be put on the production, supply and movement of nuclear weapons through out nations to prevent war like situations and environmental hazards.

Chemical producing or using Industries:

Since these industries threaten the environment most , thus they need to be highly regulated to prevent any harm to the nature and ecology. Such chemicals pollute the water bodies, pollute the fresh air, and also affect the human health.

Thus which ever industry uses chemicals, needs to be discouraged from excessive use to the limit that it will begin to lose threat to natural resources through imposing strict restrictions or penalty.

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