Self-Regulation vs. Government Regulation

In: Business and Management

In my opinion, especially in this day and time, when you do business via the Internet, you're most likely dealing on an international level. This makes things trickier but for argument sake, as a whole, I believe self-regulation is best for the online business industry. I think that private sectors can adapt to changes more quickly than so with government regulations. So really in the end, even if you vote for government regulations, you almost have to somewhat go by the ethical codes established by trade individuals and professions (to an extent) otherwise you'll fall behind if you're waiting on regulations implemented by the government to catch up. On the issue of fraud and deceptiveness from perpetrators, that's virtually going to happen in any industry. Whether you are strictly a brick-and-mortar store, have somewhat of an online presence, or you are a full online business, you're going to have be schemed by someone, no matter if its government regulated or self-regulated.

A few years ago, a local restaurant's credit card portal was compromised from a group of hackers several states away. This is proof that your privacy can be compromised without dealing with e-business, as this business had strictly a brick-and-mortar presence. Personally, when dealing with online businesses, I only use business that I know will protect my privacy. Primarily, businesses that I'm used to, or that take PayPal. I've had my bank account hacked into before via a site that was compromised. It only took one time to learn my lesson, but now I only use PayPal accepting sites.

In all actuality, the Internet is still a very new "thing". It's ever-growing and ever-changing, and this is yet another reason why I fully back self-regulation. Self-regulation prioritized both innovation and consumer/customer protection; consumer/customer protection isn't compromised at the expense of...

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