For several decades large corporations and the lobby groups they fund have been pushing to reduce government regulation. But as concerns about the Boeing 787 show, when legislation and regulations to protect the public are weakened, businesses can suffer too.
Media reports are linking safety problems with the Boeing 787 Dreamliner to a weakening of government regulation.
The Guardian points out that at the time the Boeing 787 was approved, the Federal Aviation Authority (FAA) was trying to eliminate regulations. Other media outlets are reporting the FAA didn't verify whether information it received from Boeing was accurate.
Getting the plane approved quickly may have helped Boeing in the short term, but the grounding of all Dreamliners last December will do long term damage and has the potential to be very costly.
This is not an isolated example. In Canada the meat packing industry has supported self-regulation. However, after two serious outbreaks of food poisoning due to contaminated meat products they are now paying a price. A poll last December found 40% of Canadians are reducing their beef consumption due to safety concerns.