Regulators live to regulate. Governments live to govern. The
policy, regulatory, and legislative instruments in place today
reflect that genetic coding. The machinery of government was for
the most part conceived in the pre-internet era, predating
today's modern - and mobile - tools of commerce. Consumers have
adapted to the pace of technological change, but governments at
home and abroad are struggling to reconcile rapidly evolving
economic realities with an antiquated oversight toolkit.
Governments have long recognized the effect their decisions can
have on individuals, businesses and markets and developed the
machinery accordingly.
Take the legislative process as an example. Traditionally,
someone would perceive a gap that might need legislative attention.
The issue would be brought to the attention of politicians or
within the bureaucracy; there would be some preliminary analysis
and discussions, maybe among knowledgeable individuals, officials
or politicians.
