Well, i started a rant about politics, seemed sorta silly after my first posting. Suffice to say, an unregulated society is a society headed for anarchy and bankruptcy, how many times does this idea have to be tried and fail? If the average person had common sense, and some idea of personal responsibility and ethics, regulation wouldn't be necessary.
For that matter, a scenario such as that would eliminate the need for government in the first place. This is the real world where the only alternative to winding up with the shirt off your back stolen from you is laws and regulations.