Promoting competition has been a leading theme of public policy
over the past 30 years. In the United States, the movement began in
the 1970s with efforts to rewrite the rules for aviation, trucking,
and telecommunications. Since then, many other industries have come
in for similar treatment, with banking, securities, agriculture,
and energy heading the list. This trend is often described as
"deregulation," but "market design" is a better term. Promoting
competition is not just about removing legal controls and then
getting out of the way. It also requires that policymakers
consciously design new markets, often with significant rules and
regulations to promote efficiency. In Creating Competitive Markets:
The Politics and Economics of Regulatory Reform, leading experts
from academia, government, and the private sector evaluate more
than a dozen efforts at market design. The contributors to this
volume analyze a broad range of sectors, including airlines,
electricity, education, and pensions. They examine developments in
Canada, the United Kingdom, and Japan, as well as the United
States. In each case, the authors ask three critical questions: Can
markets be designed? How significant are the impediments to
competition found in different sectors? And how do the politics of
market design shape the policies that result? Taken together, these
chapters help explain why few recent cases of market design have
proven to be as unambiguously successful or as relatively
uncontroversial as the deregulation of trucking, airlines, and
telecommunications. They also provide valuable lessons for future
participants in the never-ending process of market construction and
redesign. Rich in analysis and detail, Creating Competitive Markets
is essential reading for anyone interested in regulatory politics
and policy. Contributors include John Cioffi (University of
California-Riverside), Darius Gaskins (Norbridge, Inc.), Jacob
Hacker (Yale University), Udi Helman (Federal Energy Regulatory
Commission), Frederick Hess (American Enterprise Institute), Edward
Iacobucci (University of Toronto), Alan Jacobs (University of
British Columbia), Michael Levine (New York University), Jonathan
Macey (Yale University), Richard O'Neill (Federal Energy Regulatory
Commission), Eric Patashnik (University of Virginia), Andrew Rich
(City College of New York), Peter Schuck (Yale University), Steven
Teles (Yale University), Michael Trebilcock (University of
Toronto), Steven Vogel (University of California-Berkeley), Graham
Wilson (University of Wisconsin), and Ralph A. Winter (University
of British Columbia).
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