Yes... that is just what is needed... less regulation.
Please. The balls, as you say, have not been cut off. Corporations are still extremely powerful entities in our world.
It is a matter of record that Corporations left unchecked do not do what is "right" only what makes money. Left unregualted, as you point out, we'd still have child labour and WAY more environmental damage.
Corporations get aways with murder on a daily basis. It is time they were held accountable.
Yes, that will likely create some ripples in the economy. Our cheap goods will likely go up in price because the process used for making them will be more costly.
A small price to pay for sustainable development.
(this is of course related directly to the food industry as well as pretty much all industries)