Self-Regulation FAIL

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


Writing my screed against the AMA’s ridiculous price-setting cabal got me thinking. Is there a single example of a profession that self-regulates in a way that’s good for society as a whole, as opposed to protecting the interests of the members of that profession at the expense of everyone else? Liberals often slam industries when they talk about a desire to “self-regulate.” Why shouldn’t we be skeptical of the same claims from professional associations? Doctors (with their labor theory of value) and lawyers (with their billable hours) are just the most pernicious examples of professions that have structured their compensation in ways that are deeply harmful to the public interest.

Of course, with government regulation, you run the risk of industry capture—professions can and do simply petition the government to enact regulations that only serve the interests of their members—requiring interior designer licenses, for example. But self-regulation has no chance of working for anything other than the professionals’ self-interest. So it seems like government regulation at least gives you the chance of a result that serves the greater good. People and industries do not consistently act against their self-interest. So if an industry or a profession or a person’s self-interest runs contrary to the public good, there’s a case for changing the law and instituting penalties that change that calculus.

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate