What's the point in region locks?

Why shouldn't I be able to order games that haven't been released in my country from somewhere else? What harm could it possibly do? I really want to play Deadly Premonition, but it's not out in the Uk and they're doesn't seem to be any plan for a European release, I would just import it, but obviously it would be in NTSC not PAL so I wouldn't be able to play it. Someone please explain to me why these region locks exist?

Price discrimination, for one.

Word. They are hella stupid. They exist to ruin fun.

Probably to make or regulate the moneys in some way or form.

To annoy you.

 It's main purpose is due to licensing of right's for each country.

It's because if everybody was able to import certain games, the overall profit would be lost due to inflation.
Looking at Australia, for instance, we charge on average about $100 bucks a game. If I were to buy that from America, it would cost me about $68 AUD. There is quite a significant drop in sales price, so that's why they try to keep games in their respective regions, so the amount that the publisher paid to get the games printed  there pays off accordingly.
Thank you, Playstation 3.

Publishing deals, advertising, among others.

It's meant to be for licensing and something to do with balance of payments but it just seems so out of touch and basically piracy bait these days. Tell me why I can't buy legally a copy of Point Break.

it is to stop people from importing games to different countries. if they didn't than companies would loose money from people importing the less expensive version of the game to you. if u live somewhere where it cost $90 for a game u can import the game from a different country for like $60. 
 
there is also licensing problems with it. some countries might not want something while other mights.

I think it also has something to do with tariffs and import/export taxes.  I believe it's an outdated practice, but maybe game makers are afraid that if the masses got their hands on some games before they are localized, they'd lose money down the road either to poor reviews or no new regional sales.  A game published by Sony of Japan and sold to a Western consumer shows up on their sales chart and not on Sony of America's.

wasn't there a reason in the past, something to do with tvs? (50hz/60hz)