I wrote this blog post back in 2007 and keep coming back to the theme rather often. As said there - business should morally embrace the need for regulation - it cannot be avoided - be it the environment, health business, financial engineering etc.Resisting it is a sure way for making it worse - joining forces with the democratic institutions gives a fair chance to make it better.
Of course it is better when things can happen without regulation - but in today's hypercompetion both for customer attention and for shareholder commitment there is less space than before to get the good-for-society-at-large and longer term business enhancing investments in common networks, rulebooks, necessary voluntary restrictions and standards happen.
Quarterly capitalism frequently dries up investments and is too often destroying value - at least for customers longer term shareholders and customers. Is it really in the interest of society and business to continue to focus on possible short term shareholder value? 10 months ownership is not the one to be rewarded. Incentive programs for management should serve the long term view - not value destruction