Homework: Week Five
Business Ethics & Social Responsibility
Oscar J. Miranda
Professor Georges De Schryver
April 5, 2015

Body The way the economy works, the least restriction we have involving a higher power on businesses it can become a good thing for small to medium entrepreneurs. I do not believe the government should be involved in anything related to the consumption or buying of goods. Only manufacturers should be allowed to regulate the information that is provided in both their products and advertising. It is the consumer responsibility to be aware of what they are buying. In a sense, I believe that the free market is the one that will regulate what is put into the advertisement, since the consumer demand will depend on the information that is provided to them.
By avoiding the complexities and delays of a judicial process, self-regulation offers consumers a quick, uncomplicated, easily-accessible and (because it is funded by the advertising industry) often cost-free means of having their complaints handled. Self-regulation is also flexible enough to adapt to changing societal views as well as advertising media / techniques. It can apply immediate sanctions by publishing the jury decisions and by pushing for media refusal or withdrawal of advertisements. (About Self-Regulation)
The first precondition for setting up a self-regulatory system is a significant degree of consensus within the advertising industry on the need for such a system. Achieving such a consensus may not be easy, particularly if the country has no established tradition of self-regulation, but once a start has been made, the initiative will gather momentum and more companies will be prepared to participate. An effective self-regulatory system must be able to rely on the support of all three parts of the advertising industry—the advertisers, because they finance advertising,