Here's the original ad for Coca-Cola:
French Wine Coca is indorsed (sic) by over 20,000 of the most learned and scientific medical men in the world . . . . . . Americans are the most nervous people in the world . . . All who are suffering from any nervous complaints we commend to use the wonderful and delightful remedy, French Wine Coca, infallible in curing all who are afflicted with any nerve trouble, dyspepsia, mental and physical exhaustion, all chronic wasting diseases, gastric irritability, constipation, sick headache, neuralgia, etc. is quickly cured by the Coca Wine . . . . . . Coca is a most wonderful invigorator of the sexual organs and will cure seminal weakness, impotency, etc., when all other remedies fail . . . To the unfortunate who are addicted to the morphine or opiate habit, or the excessive use of alcohol stimulants, the French Wine Coca has proven a great blessing, and thousands proclaim it the most remarkable invigorator that every sustained a wasting and sinking system. (Thanks to Adam Alter's urgent and powerful new book).
John Pemberton, who wrote this ad, was addicted to the cocaine in the product and ultimately died from stomach cancer, an addict. Just six years later his son died from the same addiction.
In a competitive environment, in which some marketers are rewarded for the short-term hit, the race to the bottom is inevitable. That doesn't mean it works, but it hurts. Self-regulation doesn't work in large markets that have easy entry, with many short-term competitive battles going on.
Smart, ethical marketers understand that regulation actually helps them do their work.
Regulation not only benefits the unsuspecting public, it benefits marketers, too. Without guardrails, they won't be able to stop.