Self-regulation v/s Government regulation

To make the business processes fair, they need to be regulated. This ensures a level-playing field for all and promotes fair practices. A question that arises then is: who should regulate? Should the industries and businesses be regulated by government agencies or should regulation be left to themselves? I feel the latter is a better alternative. The biggest limitation of government regulation is the corruption inherent in the government system. We have seen the government …

…government wants them to do it, or because they fear penalty. Rather, they adopt fair practices because they know that it would pay off in the long run. They know the benefits they would accrue from it. Moreover, self-regulation is more effective as it need not be enforced. It is voluntary in nature. Therefore, due to the various advantages it has, self-regulation by businesses and industry would benefit the society more than would government regulation.