Opponents of regulation always complain that it's bad for business. Regulations that prevent pollution, of course, are bad for businesses that would have otherwise polluted. Regulations that prevent child labor are bad for businesses that would have exploited children. Regulations that prevent American companies from engaging in bribery or abuses of human rights may be bad for businesses that engage in bribery or human rights abuses. As we've seen, private rewards and social returns often differ; and when they do, markets don't work well. The task of government is to align the two. If
by Joseph E. Stiglitz
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Critics of regulations often argue that they hinder business operations. However, many regulations serve the greater societal good by preventing harmful practices that might otherwise be financially beneficial to some companies. For example, laws that prohibit pollution hurt businesses that would otherwise engage in environmental degradation, while regulations against child labor affect those who would exploit vulnerable children for profit. Such regulations are essential to maintain ethical standards in business.

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