There are those libertarian minded individuals who think we do not need any regulations.  Most think things with high value will be provided for and funded in the free market.  If all regulations were eliminated, surely some would join the Better Business Bureau to show customers that they have high standards.  However, I believe the structure I propose is the most beneficial.
There are so many things to know in this complex economy and no single business owner could possibly know all the different ideas, innovations, better methods, or techniques in all the different areas of his business.  These regulators would be specialized in particular areas and would compete with other regulators, each striving for the highest amount of excellence in their arena.  The better regulated businesses would have an advantage over poorly regulated businesses, thus taking market share and being more profitable. 
Surely, there would be some CRAs that have very little regulations and oversight business could join.   Some of these lightly regulated businesses would have very low ratings because there would be a small percentage of businesses that would drop their standards.  Other lightly regulated agencies would demand the businesses who drop below a certain rating to be kicked out.  This would achieve a respectable rating and quality business.  The businesses in that CRA would have to figure out how to stay above a certain rating.  There could be some lightly regulated that demand a rating over 50 while others demand over 80 or 90.
Many would come to realize the value of expertise of great regulators.  Since the regulators are selected and payed for by the businesses that belong to that CRA, the regulators would start to be valued as a partner that is bringing expertise.  Since all CRAs will be competing, it would by vital that CRAs stays one step ahead of other CRAs in quality regulations. 
Currently, work place safety has one set of regulations and often businesses look at OSHA regulators and inspectors as adversaries.  Often costly or counterproductive regulations are mandated and has to be followed.  Currently there are simply not the counter factual examples to compare and shine a light on the bad regulations.  With competing agencies, bad regulations would be highlighted quickly and changed or the businesses will change CRAs.
 


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09/10/2015 1:55am

Since the regulators are selected and payed for by the businesses that belong to that CRA, the regulators would start to be valued as a partner that is bringing expertise.

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    Competitive Regulatory Agencies Blog

    Bill Haley

    Bill Haley started Haley2024 in the spring of 2013 in an effort to his part of restoring freedom to America.

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