Market failure came before regulation. Standard Oil had a monopoly in the oil industry, so antitrust became a thing. There was information asymmetry around fo

Market failure came before regulation. Standard Oil had a monopoly in the oil industry, so antitrust became a thing. There was information asymmetry around food and drugs, because there's no way for a consumer to really know what's in a food or a drug. So the FDA mandates that they put out accurate info with penalties for incorrect info. Information asymmetry and moral hazard led to 2008 financial crisis, which then led to Dodd-Frank reform