What are the arguments for and against, greater control being exercised over business by government?

What are the arguments for and against, greater control being exercised over business by government? How do these arguments differ between the countries of the group members? We would like to start the answer by an example of USA when they were heavily involved in the industrialization and expansion. People of all different occupations were involved in some part of the industrial revolution. However there was a debate over the government intervening in the building …

…service delivery. A well functioning private sector is essential for increasing economic growth and thus reducing poverty. Yet international development institutions recommend sophisticated policies to improve the business environment that governments in developing countries cannot successfully implement. The result is often a worsening of private sector performance. The promotion, support, financing, marketing and management of small and medium sized enterprises and industries is the core business of any privatisation programme. [ http://www.developmentgateway.org/node/130679/]