Regulation and a Free Economy

Paper Summary:

The paper begins by explaining that there are new roles for regulation in a free society. This is partially fostered by the fact that free trade is now more global than ever before. Without some form of regulation of the companies doing business in the new free trade atmosphere, it is likely that excesses would occur that would either hurt the U.S. economy, or bring dishonor to the nation. The paper discusses that it is almost unavoidable that some regulation of parts of some industries is needed in order for many trade agreements to survive. The paper concludes that regulation is also needed to ensure that the ordinary person does not suffer and can compete with the big companies.

From the Paper:

"There are new roles for regulation in a free society, partially fostered by the fact that free trade is now more global than ever before. These days, "trade policy and regulation are rapidly becoming intertwined and this relationship is fast becoming politically important. U.S. environmental and consumer organizations were active participants in the politics of both the North American Free Trade Agreement (NAFTA) and the recent Uruguay Round accord of the General Agreement on Tariffs and Trade (GATT)" (Vogel, 1995 p. 73+). Without some form of regulation of the companies doing business in the new free trade atmosphere, it is likely excesses would occur that would either hurt the U.S. economy, or bring dishonor to the nation, or both."

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