Regulations are restrictions measures put up by the government to control business activities. There are economic regulations which include, price control of products, amount of importation and exportation and amount of products to be produced. There is environmental and social regulation it includes health and proper disposal of pollutants. Lastly, the government puts up legal policies to be followed before companies start operating.
The benefits of government regulation are to safeguard the environment as some companies if they are left to operate alone may pollute the environment. Social regulations are put up so that industries discloses all information about a hazardous material produced they produce, thus the workers will make informed decision whether to work for the industries or not. By putting up price controls, the consumers are protected from unscrupulous businesses whose main intention is to make high profit. 
Lastly, illegal restrictions ensure that unethical industrial are denied operations. On the other hand, government restriction hinders competitive business activities thus slowing down economic growth of a country. Some governments also come up with unprofessional regulations and restrict even companies with good business concepts to operate.
All in all, I suggest that governments should put up regulations to protect young economies from collapsing and to assist developing countries compete with the multinational companies.
Thorne, F. (2003): Business and Society: A strategic approach to Corporate Citizenship, 1st edition, New York, Ferrell and Ferrell
 Thorne, F. (2003): Business and Society: A strategic approach to Corporate Citizenship, 1st edition, Ferrell and Ferrell.