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Having a rule of law is not a regulation, is the most basic fundamental prerequisite to having a functioning modern, democratic society. Free markets are built on top of that and regulations come on top of free markets.

And free markets imply free people - slavery is the opposite of that.

Taxing externalities is also necessary, and it's tax, not a regulation. But that is something we're still working on, with little success it seems. See the carbon/pollution international issues with China, Russia, Australia.




You are bending words like regulation and tax to fit your preconceptions in way that disagrees with how other people understand them.

Also, a simple tax can not solve the tragedy of the commons for fisheries as long as fishing will remain profitable. Nash equilibrium involving full exploitation remains as long as there is a profit. Fish are not an externality that can be reduced to avoid taxation, but the objective. While cap on fishing will work.




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