Government Regulations

All round the globe, governments are engaged in the social and economic regulation of the lives of their citizens. Economic regulation in particular has been in great focus in recent decades. The role of regulation is primary to ensure safety, order, and coherence in society. Given that one of the responsibilities of government is to protect its citizens, the role of regulation lies squarely on its shoulders, especially if it is a democratically elected government. Over the years, this role has come in focus mainly because some critics argue that regulation has caused the fall in productivity rates in many industrialized countries. Apart from economic regulation, the government also does social regulation. On the social front, the government’s primary responsibility is to prevent the entry ...