Government needs to increase its regulation of business for the good of society?

Some argue that government needs to increase its regulation of business
for the good of society as a whole, while others believe that the
marketplace is self-regulating and that government intervention through
needless regulation places an unfair, costly burden on businesses in
 general and on small businesses in particular. What role do you believe
government regulation should play to ensure ethical conduct by
businesses? How do different political viewpoints potentially shape the
answer to this question?

original answer with references required!!!!!!