If you've never read George Orwell's 1984, know that it is a must
read. Although I enjoy entertaining conspiracy theories, I believe our
government plays a key role in protecting businesses and consumers
with regulation. At the same time, I believe it should be minimal.
"Unfortunately, governments also have a long history of trapping
nations into patterns of long-term decline through overregulation"
(Davis, 2022).
As I read the Investopedia article, my list of regulations that I felt
were important continued to grow, with the FDA and EPA ranking
high for me. The reality it, that there is always someone willing to
cut corners to make a profit, which is especially appealing to
businesses in competitive markets. Consumers can sometimes
identify these poor practices, especially if it shows in the quality of
their product, which is when some of these businesses hang
themselves. However, when it comes to safety (such as food and
medicine consumption), I'm not counting on the moral decision-
making ability of business owners. I want to believe the best in
people, but we are all flawed and need some checks and balances.
Protecting the future of our planet is no exception. The cost to
follow green practices proves to be too high for many businesses.
This is an area that I wouldn't mind increased regulation because
many businesses choose profit over planet and are pressured to do
so by stakeholders. We've had the technology to manufacture
vehicles that are less harmful to our environment for years, but mass
production of "affordable" eco-friendly vehicles has not occurred on
a large scale. I believe this is because it is not as profitable and, until
someone, the government, makes it less profitable to harm the
planet, businesses will continue to operate in such a way.
As far as reduced regulation, I think too many taxes on international
business trade is harmful. When the U.S. puts a high tax on other
countries, they turn around and do the same to U.S. exporters.
Although I like to support local, I believe each country has different
resources and abilities/strengths, and that everyone benefits if
international trade is encouraged. Encouraged, not exploited. Some
regulations are good to prevent promotion of business that engage in
child labor and unsafe environments, for example.
