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What role does government regulation serve in business?

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Government regulation plays a role in business in protecting consumers, preventing actions taken by businesses that will hurt the overall economy, and also in regulating the financial industries sector to prevent major economic turmoil. Periods of unregulated economic activity have been mired by large booms and busts, so governments have attempted to intervene to regulate economies in order to prevent these damaging cycles to economies. 
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There are many reasons why government regulation is important in business. Government regulations contribute to protecting employees' rights, protecting the environment and holding businesses and corporations accountable for their actions. Government regulations also protect consumers by ensuring the quality and fairness of a product. Finally, government regulations protect businesses themselves by regulating unfair practices such as monopolies.

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