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Pg 1 Deregulation The twentieth century will be known to future economists as the era that gave birth to a new world economic thinking which gave way to massive modern technological innovations and changes These massive changes have created a highly developed and mobile world economy where there has been a constant power struggle between the sate and market The government has intervened in the market with regulations as a means of exerting control and influence over the economic behaviour of businesses and individuals As we head into the next millennium boundaries are being broken down as government regulations are under critical review for enslaving the economy from further progress As a great economist of this century once said Private unregulated monopoly is the lesser of evils when compared to government regulation Deregulation will cause a shift in power from the state to the marketplace resulting in greater innovation competition and freedom in the economy This in turn will play a pivotal role in the development of a new economy What is regulation Regulation as defined by the Economic Council of Canada is the government imposition of rules and controls designed to direct restrict and change the economic behaviour of individuals and business and which are supported by penalties for non-compliance The primary concerns for which these regulations are imposed are to protect the public and consumer interests We may not be aware of it but all of our lives are governed by boundaries and regulations that affect us on a daily basis ranging from random purchases of goods and services to the advertisements we come across on television Examples of how these regulations affect us are the prices of products we purchase minimum wage regulations and restrictions on harmful pollutants Large businesses and industries are greatly
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