>Most people do not believe you can achieve societal goals in a free-market without regulation. >...who are the regulators? A professional class of bureaucrats

>Most people do not believe you can achieve societal goals in a free-market without regulation. >...who are the regulators? A professional class of bureaucrats well-insulated from industries, or a class of practitioner-bureaucrats that move fluidly from industry to government and back? If you do subscribe to the premise of the first quote (i.e. that regulation is required) AND you accept the premise of the second quote (that those represent the only two choices), then it seems obvious that you have to go with the insulated bureaucrats. Otherwise, you effectively have regulatory capture, which is to say, effectively, no regulation at best. And, at worst, this capture represents no achievement of societal goals PLUS a distorted marketplace which further compounds societal problems. This, versus imperfect or inefficient regulation, but regulation nonetheless.