Posted by: Middleclass Search | October 1, 2012

Regulations Part 2

There are several reasons why nations need regulation.  First as corporations become larger there is a need for government to intervene on behalf of the individual. In Adam Smith’s day, most business transactions for the average citizen were made with tradesmen in their local area. If any tradesman produced an inferior product, word soon spread and that tradesman would go out of business. But with large national and global organizations, identifying those organizations that produce inferior products becomes very difficult for the individual and even when an inferior product is identified it is more difficult for the individual to pursue corrective action against a corporation that may be headquartered in some other nation.

A second need for regulations is to protect the nation’s natural environment for its current and future citizens.

A third area, seldom mentioned but of increasing concern, is the conservation of our natural resources for future generations. When oil was first discovered it could be harvested by wells only a few feet in depth; today wells are thousands of feet in depth. The same goes for all our natural resources as they require more and more complicated systems to be recovered. Should a major disaster occur anywhere in the world which destroys or limits the technologies used to recover these resources; many of these resources could be lost. It is in our collective interest that we do not “steal” from our future generations the resources that were created over millions of years. Only national and global governments can reliably safeguard these resources for our future prodigy.

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