Question

What is the government's role in regulation? Should they be responsible for regulating business at all? Shouldn't that fall on the business itself? For instance, in my profession, we have a code of conduct that we must abide by. If we don't, the profession itself will hold us accountable - such that we can be reprimanded and even lose our license to practice. If anything, shouldn't the government just require the business to self-regulate? Thoughts?

Answer 1

answer-

The role of government is regulation is very crucial because they make regulation to protect us or others from unfair practices at workplace. sometimes, we may do somethings out of our human behavior which we should not do if there is no regulation then those unacceptable activities would only grow but if there is regulation at work then we would be disciplined and remain in boundaries so that we can harm others or others can not harm us.

Yes, government should be responsible for regulating the business to an extent where business and its people or other professionals do not involve in illegal and unethical activities like Inside trading, stealing and unauthorized access to business data,violation of intellectual properties in business etc.

even though every business has its own code of conduct but the involvement of government also help the business as well the society from negative effects.

for example- The scandal of Volkswagen in which they violated the clear air act and other environmental act just because of making profit. the top management of the Volkswagen company at that scandal take the decision to launch diesel engine even though they knew the new engine has high emission rate but they still did that. thye have the code of ethics and code of conduct but they did not take that into consideration. so government interfere because they vilated the federal laws and they have to face legal suit and millions of dollars fine.

so, Government regulation in business and profession is necessary.