[kangda123]

I used to think the same but I'm not convinced anymore.

The issue is, it's really hard to come up with leakproof regulation. Companies have far more resources to look for loopholes than governmental agencies to design the law. An extreme example of this is the financial sector, where regulators have pretty much thrown in the towel. They just write vague law to be able to prosecute whatever after the fact.

BUT if we expect companies to behave ethically and act on that, then the incentives for businesses are effectively altered, and it's much harder to find loopholes in that.