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All systems: Government, Market, etc, should be regulated assuming corruption already exists.
Because one way or another it will reach that point long after you're gone, if not before then.
Um, who regulates the government?
The people, ideally.
Also other branches of government.
In a properly functioning government, the different branches provide checks on each others' powers, with the ultimate backstop being the power of the people via voting.
Long-term, I think the problem is that no system of rules will be, or can be, complete enough to maintain a stable society - regardless of the philosophy the system is based on. And that's assuming the rules will be enforced and followed 100%. Rules written today won't be complete enough for tomorrow.
Obviously we can create a system that can adapt by adding new rules, but the ever-growing stack of rules creates its own set of problems, as the new rules interact with the old and create internal conflicts. Over time the system loses consistency and coherence.
I think something external to the rules is necessary, something that motivates a common cause... but I don't know what that would be.
Sounds like religion.
I know. Historically I think the only examples of societal guiding principles that have really functioned for more than a decade have been religions.
But of course, religions come with all sorts of nasty baggage that hobbles societal development, frequently including anti-science behavior. Religion isn't the answer, it causes too many other problems.