In industries where government oversight is extensive—such as financial services, pharmaceuticals, freight rail and insurance—the idea of industry self-regulation may seem unnecessary or redundant.

Industry self-regulation, a form of “soft law,” has long been a key element in the governance of the U.S. economy, offering businesses a vehicle to establish and enforce standards that enhance ...

To reach important goals, we often exert a lot of effort. For instance, to get good grades, lose weight, stay sober, or save money, we exert much effort to resist the temptations of watching TV, ...