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Is there such a thing as deregulation when it comes to business?
Do you think that is it possible to have too much deregulation? What would you consider to be too much?
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3 Answers
Policy issues are never black or white. So there may not be a clear answer to that question!
If you are talking about finance - recently too many financial institutions took other people's money and gambled - and since they were not regulated enough (stopped from doing such a thing) it could have been dangerous for the entire economy!
Yes I do. Business itself has quality to stimulate its demand. This quality is very dangerous in such areas as illness-treatment, drug manufacturing, law and money-issuing. Another business quality is to destroy small businesses when some level of monopoly is achieved. As far as I observe, USA people are completely loosing their health do to deregulation in these areas.
It's definitely possible to have too much regulation, particularly when the regulators themselves are not heavily regulated when it comes to setting their own salaries and being elected seemingly for life.
However, I believe small business benefits from more stringent regulation in the areas of finance, healthcare, transportation and energy. Now, I didn't say, "higher taxes." I said, "regulation."
We have been stung several times in this century and brought close to financial and economic ruin because of the lack of regulation of our financial markets.
We saw this very clearly with the savings and loan debacle in the 1980s, which led to massive bailouts.
Since then, we have seen numerous problems with the lack of regulation on financial and commodity derivatives.
The real problem is the blurring of the lines between banks, insurance companies and brokerages. We really need to see banks being banks: deposits and loans. I can't help but think that if banks hadn't stretched themselves on risky mortgage-backed loans and investments we wouldn't have such a tight credit situation now.
I think regulation of infrastructure industries is important, as well. Airlines, railroads, trucking and other like industries should be closely monitored and controlled.
Some argue this kind of regulation restricts entrepreneurship. I say it creates a foundation for more robust entrepreneurship and a stronger, more stable economy. If you want to be a banker, be a banker. If you want to be a stock broker, then do that. But maybe we shouldn't let stock brokers trade people's mortgages.
It's definitely possible to have too much regulation. I just don't think we're at that point right now.
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