Regulations justifiably emerged in many areas of our global systems but have in recent times gone into ‘overkill’ with a multiplicity of regulations being enacted in all areas. As a result of the financial crash of 2008 in the US, which then affected the entire world, we in Ireland and in many other countries in the western world introduced a spate of regulations which began reasonably but soon spiraled out of control. Under the pretense of developing the efficacy of the governing systems many countries have become highly over-regulated. The result is that we are now over-regulated in many areas like economics, law, financial and health which is strangling the systems altogether.
In other areas like education, the justice system and humanitarianism, we remain under-regulated with much work to be done. In economic terms this has in many cases stunted business and economic growth. Furthermore, in the case of the Covid health pandemic the new regulations were varied, inconsistent and encroaching on human rights.
The spiraling of the intellect fueled by fear is what has given rise to this over-regulation. Fearful of another financial crash we have introduced a myriad of compliancy regulations on businesses to the detriment of business success and profitability. There are so many regulations now in business in tender procurements, health and safety protocols, employment law rules, property planning and development that they are adversely affecting the viability of the very businesses that are sustaining employment and life.