niesùi.e. electric and gas utilities; transportation companies, such as railroads and airplanes; communications companies such as telephone, Internet and cable TV providers; and financial companies such as banks and insurance companies.
The jurisdiction of local, state and national governmental agencies over prices and conditions of service does not extend to activities over which the federal government claims jurisdiction, such as transactions in interstate commerce.
In sum, does the marketplace need regulation? The recent debacles of Enron, WorldCom and Tyco, to name but the most prominent, shows that there is a serious cycle in the interaction between government and the private marketplace. Regulation is needed in certain areas of public interest. Outside of these arenas, however, it appears that the major industries have self-interest at heart, and will not only regulate themselves, but also each other. The interests of the shareholders of major companies will continue to dictate their behavior.
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