merchants and artisans that controlled the practise of their profession in their particular area. Guilds defined requirements for practising their profession, which usually meant that only guild members could practise their profession or sell their goods within their city. Since the beginning of the 20th century, labour groups at times have had regulatory roles in some markets. Controversy Generally, regulation is a very polarising issue. Those who are in favour of regulating usually see it as beneficial to the wider society. This has to do for example with regulations targeting ecological, racial, or religion related issues. On the contrary, those against regulation see it as a tool for lobbying or as a source for creating unfair competition, be it intentional or not. Some advocates of free market generally see any regulation except for the most essential ones as costly and inefficient. Examples of regulatory bodies Food and Drug Administration (FDA) Securities and Exchange Commission (SEC) Environmental Protection Agency (EPA) See also Better Regulation Commission Bureaucracy Code of Federal Regulations Deregulation European Union directive European Union regulation Free market Mixed economy References Free market Economic systems Market (economics)