Good Regulation is the Hallmark of a Developed Economy - too much Deregulation will lead to Corruption, Exploitation and Poverty

Agree 72.7%
Disagree 27.3%

Authors' comments:

We are very averse to bureaucratic control of industry and commerce. It has been proven time and time again that elaborate frameworks of process and procedure to control the activities of complex markets merely cause the emergence of whole industries devoted to complying with or avoiding the rules.

But, all developed economies need a sound legal framework and institutions that will achieve a reasonable balance of benefit between the various stakeholders in an economy. Look what happened to the Russian economy after the fall of the Soviet system. Led by Western bankers, a control economy was suddenly completely deregulated, without any experience of a market economy in terms of culture or institutions. The result? A mighty free-for-all in which a few powerful individuals were able to become immensely rich, to the detriment of the majority. Russia has not really recovered from those disastrous mistakes yet.

In the UK, we have real problems, especially with regard to the behaviour of the financial markets and the financial services industry. This industry, despite the fact that it is a proven fact that many of its members will use the least opportunity to confuse, swindle and short-change its customers, continues to complain loudly about a system of regulation that is almost toothless in comparison with the scale of the mal-practice.

But, the answer is not more form and box-ticking or more inspectors.
We would suggest several lines of action:

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