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The State, Regulation and the Economy - An Historical Perspective (Hardcover)
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The State, Regulation and the Economy - An Historical Perspective (Hardcover)
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Regulatory regimes appear wherever market economies exist and
whenever there is competition for limited resources. However, the
rationale of public regulation of markets, as well as the
mechanisms that characterise regulatory regimes, is not well
understood. The State, Regulation and the Economy illustrates how
economic theory, whether positive or normative, is not convincing
in explaining the complex interactions between the state and the
market. Instead, the book examines regulation and state
intervention from an institutional and historical perspective.
Utilising empirical evidence from Scandinavia and the US, the
authors argue that the form and content of state interventionism is
strongly influenced by historical and path dependent factors, and
go on to propose an approach which illuminates the role of specific
historical events in forming regulatory policy. Various aspects of
regulation are discussed with reference to infrastructure and
network industries, one of the few areas in the economy where the
role of the state has changed dramatically during the past two
decades. The authors believe that the fast changing attitudes and
policies towards regulation might be better understood by applying
a longer time horizon combined with analysis based on new
institutional economics. Scholars of economics, business
administration, economic history and political science, as well as
those wishing to gain a greater insight into the historical
dimension of regulation, will find this an original and valuable
book.
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