Should Regulation Be Privatized?

Regarding Regulation

, Corporate Counsel

   | 2 Comments

If regulators are unable to provide anything except law enforcement, then public policy should consider how to fill government's other, now foregone roles. Is private regulation the answer?

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What's being said

  • TC

    Regulations should be privatized with the rest of the civil government, like judges and police who do the right thing, I suppose?

  • rolfneu

    The larger issue is that for mostly political reasons enforcement of regulations are often lax with not enough resources and manpower to enforce the laws that are on the books. Private industry has largely done a dismal job self-regulating. What is needed are more monies dedicated to hiring. training qualified inspectors to see that regulated are in fact following the laws/rules. I'm very sure that if we hired 5,000 more IRS auditors that they would pay for themselves tenfold or more. If we had more inspectors of our mines we would have fewer injuries and deaths. If we had enough SEC, bank, etc. regulators the financial services industry wouldn't be ripping off the public so often. Privatization of enforcement would just be paying the wolf to guard the henhouse.

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