What is the government role in regulation

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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?

Reference no: EM132290362

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