Competition and regulation are not alternatives for each other. Competition, collaboration and government regulation serve different purposes. I would not leave it to competition to replace the FDA or the FAA.
Competition and collaboration are optimizing mechanisms, but they are not interchangeable. Competition optimizes processes whereas collaboration optimizes resources. Both have their role.
Competition and collaboration are concerned with optimization. Regulation is (or should be) concerned with general welfare. Optimization relates to the maximum possible, regulation to the minimum acceptable. They serve different purposes and are essential in different ways. Successful societies seek out that elusive balance between competition, collaboration and regulation, and flourishing societies come close to finding it, but of course, being human, never quite get it exactly right.
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