Private Industries and Self Regulation

News stories and public pressure drive government regulations. They also drive many industries to more self-regulation. The hope is to demonstrate to the government and the public that these industries are aware of the problem and are taking action. An industry prefers to self-regulate for two key reasons: Cost and flexibility. There’s a perception that regulations increase cost because they can be restrictive and require lots of compliance evidence to be collected. Additionally, regulations can require specific solutions to a problem. Retaining the flexibility to select from an array of solutions and apply new technology is one reason given to avoid regulations. The counterargument is that, without laws, industries won’t fully address problems.

Answer the following question(s):

1.In general, do you believe private industry should be more heavily regulated or less regulated? Provide rationale for your answer.

2.Address the same question in regard to consumer privacy on social media platforms such as Facebook.