[M2Ys4U]

Self-regulation _can_ work... if the state is standing there with a big stick willing to use it if the market doesn't regulate itself well.

As a case study, take advertising in the UK.

The Advertising Standards Authority is a Big Deal. It can ban advertising on TV, in print, on billboards and online. Its decisions regularly make the headlines.[0]

It also has no statutory basis, it's a private limited liability company, and they receive no money from government.[1]

[0] An example from today, here's a news article about a ruling by the ASA concerning a tweet sent out by Burger King: https://www.bbc.co.uk/news/uk-scotland-49895800

[1] https://beta.companieshouse.gov.uk/company/00733214