Although people can and do disagree on what the advantages and disadvantages of regulation are, we can at least sum up various opinions on the matter. The general opinion among supporters of business regulation is that they create a society that is fairer and less abusive. The general opinion among those who oppose regulation is that they create a huge economic drag on our country.
Those who want regulations say that our country would be greatly harmed if we did not have them. They argue that companies would use their power to abuse workers. The companies would not pay the workers well. They would force workers to work in poor conditions. They would do things that would harm the environment. Basically, they would pursue profit relentlessly, without any care for the damage that the pursuit of profit did to people or the environment.
Those who do not want regulations say that regulations go too far. They say that the regulations make it very hard for businesses to operate. The regulations force business owners to jump through so many hoops and fill out so much paperwork that it increases their costs dramatically. This creates a situation in which businesses do not do things simply because it would be too costly. Therefore, the opponents argue, regulations drag our economy down. This is why there was a movement towards deregulation in the 1980s.