Question

Who held the view that businesses should regulate themselves without government oversight

Answer 1

The correct answer to the question above is conservatives. The conservative ones were the one who held the view that the businesses in the nation should be regulating themselves without the government's oversight or guides. 

Answer 2

The Scottish philosopher Adam Smith held the view that businesses should regulate themselves without government oversight via a concept he called "invisible hand". He was one of the first to create the idea of the free-market economic theory, where people working under its own self-interest, a division of labor and competition contribute to economic prosperity. A system of perfect liberty, without government intervention, would create an orderly society. This concept contributed to the creation of the Austrian school, and the development of the classic liberalism with economists such F. A. Hayek, Ludwig Von Mises and Milton Friedman.