chapter  4
Should Business Be Regulated?
ByMachan Tibor
Pages 41

In socialist countries government unabashedly declares its ownership of all that human beings value. The topic of government regulation of business concerns the enforcement by governments of standards, rules, and practices for the conduct of business. It should be noted that government regulation is only one form of government intervention in commerce. Giving various industries like farming and automobile manufacturing subsidies or government loans, and prohibiting competition in some areas, such as utility services, are also forms of intervention. And government regulation often emerges alongside these other forms of intervention. When the numerous public utilities are regulated, part of this is just the price they pay for being protected monopolies. The introduction of the ideas of individual dignity and rights in place of cost-benefit analysis means that government regulation of business, if it is morally proper, cannot be justified in the way utilitarians assume.