Certainly lacking fairness to the general public.
Now, governments and businesses like it that way – They like each other. They work for each other, as a matter of fact, when all is said and done, even though on the surface they may appear to work against each other. The government, you see, is the regulator, overseeing industries and commerce, making sure laws are made and abided by.
Anyhow, governments like to hire retired business executives – couldn’t hire them when they’re young and at the height of their creative powers because governments, in the West at the very least, usually don’t pay employees a lot of money or other benefits as private businesses do. This is perfectly understandable because governments are themselves paid by taxpayer money whereas private business owners can pay as much (or as little) to anyone as they want to.
Governments like to hire retired business executives for their experience and expertise. They know their industries inside out. Therefore, if they were to draft industry regulations, they’d know what they were doing, right?
Of course, but that’s exactly where the problem is – conflict of interest.
If things are allowed to pan out this way, sooner or later you’ll find industry people writing regulations to regulate themselves.
That’s what will happen, if it’s not already happening, if the regulators and the regulated are the same people.
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