Self regulation and government regulatory agencies need each other to work efficiently. Self regulation is defined as control by oneself or itself, as in an economy or business, especially such control as exercised independently of government supervision or laws. Government regulatory agencies do their job by making sure the business environment is fair, allowing room for companies to have their own morals, rules, and ways of running the business.Without government regulatory agencies, the business world would have no guidelines or set of ground rules that society would expect them to follow. On the other hand, without self regulation, companies would have no room to be unique or different.
Do you know of a company that relies solely on government regulation?