ABSTRACT
This article examines the nature of professional self-regulation and clarifies its basis. Traditionally, the western principle of self-regulation has been grounded in social contract theory. However, we argue here that this very analysis results in a weak moral foundation, and it often causes regulatory capture. In support of this argument, we clarify the structure of self-regulation from utilitarian and social contract theory perspectives. We show conclusively that this structure has an intimate relationship with the failure of professional self-regulation. We thus present an alternative view of the nature of self-regulation from Rawlsian theory. We maintain that genuine self-regulation of a community requires grounding not only in social contract theory, but also an appropriate moral philosophical theory.