Free market or market regulation, which is better?

Question

There are two great examples of why free market is better than Government Regulated market. One is minimum wage. Our society has gotten to a point of self entitlement - we are entitled to pay, regardless of amount or quality of work. In the meantime, foreign markets have gained footage on us by creating better and harder workers through competition - something that is lacking in our government regulated workplace. Now we are seeing the results, because thousands of jobs are going overseas each month - or being given to illegal workers within our borders who will do the same amount of work but for less money.
Another great example is the auto industry. For years, the mantra of U.S. auto industry is "buy American". Not because they are better quality, or get better mileage, or last longer - but because they are American. In the meantime, auto makers overseas (particularly Japan) have worked off a system of competition and quality. Now U.S. autos can't keep up with Japanese.
Yes or no?

Answer 1

No not really. Your argument against the minimum wage is fairly sensible but even abolishing the minimum wage wouldn't save manufacturing jobs. People would have to be willing to work for the same amount as Chinese workers are currently getting.

Government regulation is best used when it encourages competition. The worst possible situation for consumers is a monopoly. It causes prices to go up and quality to decline.
Often the only way to prevent this is with regulation.
(See the recent EU rulings against Microsodt for a good example of this)