I tried it during my MGMAT exam. However, it was timed. And whatever things came into my mind I wrote. I am not sure about the correctness of the content because I did not understand the topic fully. Here is my response during the exam:
What benefit a society can get by creating regulations in the region which follows capitalist economies? In some cases, the need is to find out the inside things, not to change the things. The conclusion offered by the speaker suggests the same that creating regulations can atleast interfere with free market forces, though it can not help to protect the society. I agree with author's tone.
The free market forces as said by the speaker are a basic tenet of captialism. These forces only drive the captialist economies. The society will have no idea about the so many factors to which it is not exposed. However, by creating regulations a society can at least get into free market forces and come to enhance knowledge on unknown factors; the knowledge that can help them to understand the factors and free market forces. In this way, the society at least can not provide any contribution to protect itself but it can, by understanding of various facts of free market forces, take the necessary actions to help them by indirect way upto certain extent.
For example, in the corporate world when the employees have appriasal cycle annually, the manager provides feedback for his contribution for the whole last year. The employee in such case, is the one who can ask questions to manager to understand the criteria to make him
fit in certain company grades. But, he is not supposed to change the company policies. The opponents may arue that the employee has every right to raise concerns if he has been not rated upto the mark that he has thought. In practical scenario, its one in million case and we should accept the facts that are already experienced by other hundered thousand people in various organizations.
In conclusion, a society by creating regulations can intefere with free market forces to understand the unknown facts of forces but not to help itself.
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