Trust is a foundational element of productive free markets. Yet trust in our society has been eroding for decades. Businesses can demonstrate a commitment to a fair and honest marketplace without the need for government intervention by engaging in trustworthy industry self-regulation. Industry self-regulation is a process where members of an industry or sector of the economy agree to adhere to voluntary legal, ethical, or safety standards. Successful industry self-regulation systems generate trust by providing accountability for adherence to these standards.
Industry self-regulation is a powerful yet misunderstood and underutilized tool that can support free markets, greater competition and innovation, and entrepreneurship. With its roots in the Better Business Bureau, BBB National Programs has decades of experience launching and operating trusted industry self-regulatory initiatives that include accountability mechanisms. As part of a broader plan to extend the promise of free markets, BBB National Programs’ charitable foundation, the Center for Industry Self-Regulation, proposes a project to bring together innovative thinkers across various disciplines and institutions to develop and implement a new curriculum in industry self-regulation for law and business schools as well as undergraduate programs in communications, marketing, public policy, and business.
The curriculum will examine the potential for effective industry self-regulation to address today’s vexing social, economic, and technological challenges. In addition to creating a new course, the project will create individual class modules and lectures for incorporation into existing courses, for example, marketing or public policy courses. With greater awareness and understanding of the role that well-constructed industry self-regulation can play, the business, legal, and policy leaders of tomorrow will be better positioned to consider, advocate for, and implement its adoption in appropriate circumstances.
