ABSTRACT
Government regulation is a necessary process given that markets have the potential to malfunction. In essence, such regulation is a relationship between government and the market. It is unlike administrative behavior that has no constraints on it, however, and is not simply a matter of commands and control. A market regulatory system has the ability to stimulate market growth and social progress through a defined set of rules and procedures that have been put in place after discussions with all stakeholders have taken various points of view into account. Such regulation has developed within market economies in order to supplement and correct deficiencies in the market itself.
