This is actually the ideal state of regulators. That they take action against a select few, which in turn 'scares' everyone else into complying with the law. Self regulation is much better than actual regulation.
> Self regulation is much better than actual regulation.
This not self-evident, and is very subjective.
Also, if regulator has to make san example of someone first before the rest fall into line, that is not self-regulation in my book, just plain regulation. Actual self-regulation ensures there are no triggers to activate governmental regulation.
> Self regulation is much better than actual regulation.
There's absolutely no evidence of this and plenty of evidence to the contrary.
A great example that springs to mind is the Grenfell Tower fire [1]. Grenfell Tower is a council block in England. These were historically housing for poorer people and were typically built cheaply and badly in the postwar era.
So what happened? Some cladding was improperly applied to the building. That allowed a fire to spread. Often these blocks only have one stairwell. They're concrete buildings so generally fires are contained to a single unit. As such, the safety advice is, in case of a fire, to stay in place. The cladding fire was different because the fire rapidly spread ato
At the time of the fire, the UK government was moving towards self-regulation by the UK building industry. The Grenfell Tower fire kinda ruined that plan.
Self-regulation is no regulation. Deregulation is no regulation. Corporate shields limit liability. By the time a problem is discovered, those responsible might be long gone or the proceeds of their negligence might be irrecoverable.
The only reason this idea exists is to increase profits because regulation hurts profits. That's literally it. It's a completely silly idea (like libertarianism).
A strong government is completely necessary to a well-functioning society.
If it was up to the majority of companies out there, they'd "self-regulate" into forcing their workers to work 18 hour days for pennies while they dump toxic waste into the water supply to save an extra 7 cents YoY. It's a complete fantasy.
This is actually the ideal state of regulators. That they take action against a select few, which in turn 'scares' everyone else into complying with the law. Self regulation is much better than actual regulation.