The private market can and always will regulate better then the govt. Do you think there was always regulations for building bridges, houses, etc. No the market dictated the quality.
Social Security. Please. Thats one “regulation” arguement that is completely empty. There is no social security to give to the people even if we wanted to let them invest privately. Yes lets put our trust in the govt. to regulate. So drugs, crime, fraudulent behavior is all regulated and has been for some time. Does that stop it? Arguing for most any type of regulation is just asking for a larger govt. and less personal responsibility.
I believe in the 1800’s Brittain didn’t even have governemt police. They were all private contractors. The thought of that now is absurd to most.