Large Corporations, Billionaires and other Special Interests have always fought any sort of Government Regulation. They argue that “Market Forces” (the mystical hand of God) will correct any problems; but, in plain English, that just means “Don’t get in my way!” And, their high-priced lobbyists in Washington will remind their Friends in Congress to work their will.
The corporations cite: losing jobs overseas; delaying the initial production cycle and decreased profitability as reasons to avoid any and all regulation. Remember that Senior Executive bonuses are generally based on the stock price, which can be adversely effected by drops in corporate profits.
The list of companies that have been cited for non-compliance with Good Governance Standards would be so long that it is almost unfair to cite specific companies. More recently, it has included: GM (faulty ignition switches); JPMorgan Chase (trading and mortgage offenses) and Nestle (over-marketing Infant Formula, especially in developing countries) stand-out. To this day, however, Johnson & Johnson’s Tylenol and the Ford Pinto still bring back bad memories to some consumers.
I believe that the best recent example of why there is Government Regulation would be the South Korean ferry, the “Sewol”, which sank navigating a dangerous shoal, approaching an island. Both the Captain and First Officer were not on the bridge as a novice seaman steered the boat. But the failed regulations, which several senior crew members are now in custody for, are: not enough lifeboats; insufficient life vests and having cargo that was three times the maximum allowed by Law.
By last count, 150 passengers died; however, how many more are still missing–or might never be recovered–is unknown at this time. Part of the sad aftermath of this tragedy is the fact that several hundred students from one high school in South Korea are among the confirmed dead and those still missing. The question remains: How will this terrible loss of Relatives; Friends and Classmates effect the other students–perhaps for the rest of their lives?