Economic Regulation and Its ReformWhat Have We Learned?

Economic Regulation and Its ReformWhat Have We Learned?

Nancy L. Rose

Print publication date: 2015

ISBN: 9780226138022

Publisher: University of Chicago Press

Abstract

The past thirty-five years witnessed an extraordinary transformation of government economic intervention across broad sectors of the economy throughout the world and the political economy of the reform movement has been heavily debated. This volume brings together a panel of distinguished scholars to discuss lessons from the history of economic regulation. The research spans a range of industries, with particular attention to those historically subject to control of competition through “price and entry” regulation (most common in the United States) or state ownership (more common elsewhere in the world). It describes the origins of economic regulation, assesses the consequences of reforms over the past three decades, and discusses the implications of academic research and policy experience for significant contemporary concerns in restructured and deregulated industries. The primary focus is on the control of competition, which may be structured through industry-specific “economic regulation” or general application of antitrust policy. The operation of economic regulation and its reform is analysed in settings as diverse as airlines; cable television; electric generation, transmission, and distribution; and telecommunications. Many of the insights gained from the regulation of competition have broad applicability to ongoing policy debates over the design of risk, health, and environmental regulatory policies. These receive direct scrutiny in chapters that focus on product quality and risk concerns, including analyses of regulation in the pharmaceutical-biotechnology , banking, and retail securities industries.