Role Of Regulation On The Free Market Essay - 1530 Words

Option 1 – The Role of Regulation in the Free Market Done By: Kamal Adiab I agree that the free market would run into serious problems undercutting its sustainability without regulation; however, the free market is as much a creation of the state that is highly influenced by interest groups. Interest groups play an important role in the formation of a regulation. Interest groups help candidates get elected into government. In return, interest groups can lobby for leniencies in policies that serve their interests. For example, the Canadian Association of Petroleum Producers has lobbied the government of pipeline regulation, streaming of Fisheries Act, tax credits, and greenhouse gas regulations (as per Macleans.ca, The 10 lobby groups with most contact). If these private interests didn’t exist, would the general public lobby to increase tax credits to corporations? I don’t believe this is the case. Another key question is why do we have regulation? Regulation is meant to serve the best interest of the public. Regulation can serve the private interest, public interest or both. Almost every aspect of our daily life is regulated (as per Regulation: A Primer, page 1). Regulation is very comprehensive to the point that it extends to the moment we wake up to the moment we go back to bed at night. In the morning, there are regulations that dictate which airwaves are used by your radio station; in addition, food and drug agencies regulate the content of your toothpaste, soap,Show MoreRelatedThe Role Of The International Trade Environment On A Free Market Type Environment Versus One With Heavy Government Regulations Essay1137 Words   |  5 PagesGovernment plays and integral role in ensuring that developing countries have a fair and sustainable share of the benefits of the international trade environment. 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In addition to the waiver provisions the regulations are not applicable to specific construction materials produced in s pecific countries which are known as Recovery Act Designated Countries or RADC nations which are reported as signatories to the World Trade Organization Government Procurement Agreement or a U.S. free trade agreement and are the least developed of all countries. (Zirklebach, 2009) Congress is reported to have