What do electricity, workplace safety standards, automobile air bags, anti-pollution laws, and auto fuel standards have in common? They are all objects of industry or social regulation - regulation being the key operative word here. Regulation grew out of the perceived evils of unfettered capitalism, monopolistic industry tendencies, and the general public's lack of trust in Big Business. While there is consensus on the need for some degree of regulation (witness the recent excesses on Wall Street and in the telecom/energy business sectors), have we gone too far, especially in social regulation? Indeed, there are disturbing trends that the pendulum is swinging too far to the other side. Regulation and compliance have become the watchwords even on academic campuses - a paradoxical situation given that universities are often the engines driving innovation.
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