Regulation of the Private Sect essays

Regulation of the Private Sect essays To what extent should governments regulate the private sector to protect the public interest? The issue is whether or not the government should regulate the public sector to protect the publics interests. The importance of this issue is that the publics interests need to be protected from a free market system. The dilemma is that if the government regulates too much or too little, there could be negative effects on the public. The alternative positions are if there is too much government regulation, then there is no more economic incentive to maintain their business, but with no regulation, the private sector can take advantage of the defenseless consumer. My position on this topic is that it is necessary to protect the publics interests by regulating the public sector. In a free market without regulation, prices for essential goods and services are not affordable for all members of the public. When the private sector is free from any rules, there is nothing stopping them from achieving the bottom line; profit. Without regulation, achieving this bottom line comes at the expense of the public. An example of this is the privatization of the Coquihalla highway in British Columbia. The Coquihalla highway was owned by the Province of British Columbia and has been slated for sale to a private firm to operate and manage. The problem with privatizing this vital piece of British Columbian road is that this private firm may raise the toll of the highway to any figure that it chooses. It is an unfair tax on the local communities that use the Coquihalla highway and for anybody who wants to travel in British Columbia while taking a shorter route. Without regulating this highway, motorists are going to face high tolls to travel on a vital road. Another example of the free market taking advantage of the consumer due to lack of regulation was in the telephone industry in Alberta about 60 years ago. Private telephone companies ...