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Note: See also administrative law. Regulations are, in some countries, narrowly termed as the legal restrictions promulgated by administrative agencies through rulemaking. This administrative or regulatory law is in contrast to statutory or case law. This article deals with regulation in a broader sense.
Regulation is a compromise between prohibition and no control at all.
Public services can encounter conflict between commercial procedures (e.g. maximising profit), and the interests of the people using these services. (See market failure.) Most governments therefore have some form of control or regulation to manage this possible conflict. This regulation ensures that a safe and appropriate service is delivered, while not discouraging the effective functioning and development of businesses.
For example, the sale and consumption of alcohol and prescription drugs are controlled by regulation in most countries, as are the food business, provision of personal or residential care, public transport, construction, film and TV, etc. monopolies are often regulated, especially those which are difficult to abolish ( natural monopolyIn economics, a natural monopoly is a situation where a single company tends to become the only supplier of a product or service over time because the nature of that product or service makes a single supplier more efficient than multiple, competing ones.). The financial sectorFinance is the application of the principles of financial economics to an inter-related set of monetary problems. Its aim is in the optimal use of financial instruments. In the case of a company, this generally involves balancing risk and profitability an is also highly regulated.
Regulation can have several elements:
Even activities which are not public services often have a limited form of regulation, for example FIFAFederation Internationale de Football Association (FIFA is the international governing body of the sport of association football (sometimes called simply football, or soccer). It is based in Zurich, Switzerland. FIFA was formed in Paris on March 21, 1904 is the association for professional soccer, RYA is for sailing in Britain. Regulation therefore comes close to the idea of an ethicsEthics is a general term for what is often described as the " science of morality". In philosophy, ethical behavior is that which is " good". The Western tradition of ethics is sometimes called moral philosophy . This is one of the three major branches of for a given activity, to promote the best interests of the people participating as well as the acceptable continuation of the activitiy itself within specified limits.
In the United StatesThe United States of America also referred to as the United States U. America ¹ or the States is a federal republic in central North America, stretching from the Atlantic in the east to the Pacific Ocean in the west. It shares land borders with Canada in, from the time of the administration of President Franklin D. Roosevelt until the late 1970s, the regulation of infrastructureInfrastructure is the set of interconnected structural elements that provide the framework for supporting the entire structure. The term is often used very abstractly. For instance, software engineering tools are sometimes described as part of the infrast was considered necessary from the standpoint of national security: whether in war or peace, a nation without adequate and reliable transportation, telecommunications, public health, banking, and public utilities was considered insecure, and the government assumed the responsibility to ensure that this infrastructure was adequate. It was considered imprudent to give this responsibility over to private hands.
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