Self-Regulation v/s Government Regulation

To make the business processes fair, they need to be regulated. This ensures a level-playing field for all and promotes fair practices. A question that arises then is: who should regulate? Should the industries and businesses be regulated by government agencies or should regulation be left to themselves? I feel the latter is a better alternative.
The biggest limitation of government regulation is the corruption inherent in the government system. We have seen the government regulating our industries for long enough to understand that such a regulation is not the best option. …