The decree said the government should pull out from matters that can be self-regulated by trade guilds and market mechanism, said the editorials.

BBC: China morning round-up: Nobel Literature Prize to China

If banks were regulated by the market, with deposits privately insured like any other risk, there would be no need for the FDIC.

FORBES: Connect

Whether a particular sector should be regulated by government (via laws and so on) or whether it can be happily regulated by normal market forces (such things as reputation and so on) depends in part upon the costs of each method: the transactions costs.

FORBES: Transactions Costs and Regulation