ABSTRACT
Historically, the laissez-faire doctrine which has dominated the UK economy seems to have been taken to extremes in many cases particularly in relation to the independence of corporate bodies. Profit maximisation has always been accepted as the sacrosanct principle of business. But the laissez-faire doctrine has its own limitations. It cannot be allowed to be implemented at the cost of the public interest and this is where governmental intervention becomes necessary. The tension between corporate business based on profit maximisation, and the interest of the consumers may be identified in the following way: profit maximisation policy may run counter to the interests of the public. Therefore, intervention by the public becomes essential; however, for the purposes of legitimising the public interest, governmental intervention becomes essential. Profit maximisation based on the laissez-faire doctrine must compromise with the public interest.
