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A system where the approach of government to regulating a sector of the economy is to lay down general objectives, but entrust the task of devising and enforcing detailed rules to a body representing those engaged in the sector. The merit claimed for this is that people within the sector are better able than outsiders to diagnose problems and devise realistic methods of control. The limitation of self-regulation is that it will operate too much for the protection of established firms in the sector, and too little in the interests of consumer protection or opportunities for innovators and new entrants to an industry.

Subjects: Medicine and Health — Economics.

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