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date: 27 June 2019

(p. 641) Subject Index

(p. 641) Subject Index

Note: Law cases cited are indexed under ‘legal cases'.

33/50 program (EPA, USA)158–60, 162, 163
Aarhus Convention335–6
Accelerated Reduction/Elimination of Toxins program (Canada)160
accountability622
and changed context of regulation354
and cost-benefit analysis353, 354
and debates over349–50, 356
significance of356–7
and delegated powers352–3
and evaluation252–3
and focus on output measures355
and fragmentation of regulatory authority355, 357
and increase in356
and judicial review353
and limitations in developing countries377
contractual solutions386
effects of380–1
regulatory solutions383–4
and limits of363–5
trade-offs364–5
unintended consequences364
and meaning of351
and nature of regulatory state350
and polycentricity355, 356
and principal-agent perspective353
and rational policymaking283
and reduction in355
and regulatory agencies354–5
and regulatory design358–9
and regulatory state350, 354–5, 356
and risk-based regulation303, 332–3
external accountability334–6
internal accountability333–4
legitimacy of regulators337–8
nature of accountability relationships336–7
parameters of blame336–9
and social demand for355–6
and standard-setting105, 115–17, 620
and traditional concerns352–4
and transparency351–2, 355
and worldviews on359
citizen empowerment361–2
consumer sovereignty361
fiduciary trusteeship360–1
surprise and distrust362
accounting practices, and standard-setting114–15
administrative law57
administrative procedure, and regulation284, 285
Administrative Procedure Act (USA, 1946)79, 113, 281, 353
Adventure Activities Licensing Authority (UK)304
adversarial legalism130–1
adverse selection22
aid agencies, and evaluation253
AIG614
Alliant Energy487–8
American Bar Association (ABA)178
and ethics code179
and lack of regulatory power181
and legal education178–9
(p. 642)
and multi-disciplinary practices189
and waning authority of188–9
American Jobs Creation Act (2004)189
American legal profession:
and Canons of Ethics179–80
and competitive pressures185
and corporate lawyers182–4, 185–8
changes in firm organisation185–6, 187
changes in labor market for186–7
client counseling183
criticism of182
discretionary judgment183–4
growth of law firms186–7
impact of changes in corporations186
impact of market forces185–6
increased transparency187
internal regulatory controls191
legal liberalism183
narrowing of discretion187–8
organisation of legal practice182, 183–4
origins182
outside regulation of186, 189–92
partisanship on behalf of clients188
partnership structure of firms182, 184
pro bono services188
professional ideology183
reform proposals194–5
support for law schools182–3
and development of174–5
and failure of gate-keeping role185
and global competition192
and information technology, impact of192–3
and law schools175–7, 193–4
case method of instruction176–7, 193
corporate lawyers' support of182–3
expansion of178
impact of competition194
impact of market forces193–4
maintenance of autonomy193
maintenance of traditional curriculum193
origins175
proprietary schools177
symbolic production183
and legal access:
failure to address180–1, 185
pro bono services188
and market pressures171–2
and organised bar associations177–81
blocking of multi-disciplinary practices189
Canons of Ethics179–80
development of legal education178–9
disciplinary role180
failure to address unmet legal needs180–1
failure to monitor member competence180, 185, 190
fragmentation of181
local associations177
national organisation178
outside regulation of189–92
oversight over members179
protection of material interests181
reemergence of177
reform proposals194–5
waning authority of188–9
and outside regulation of185, 189–92
federal regulation189–90
hybrid forms of191
impact on firm management191
insurance firms190
meta-regulation192
strengthening of professional judgment191
and reform proposals194–5
and status of171
and transnational regulation192
Amgen551
Arthur Anderson111
associational regulation107–8
Association of American Law Schools178, 197 n6
AT&T469–70
auctions, and market-based solutions to regulation31
audit society591
(p. 643) Australia:
and better regulation262
and regulation of nursing homes110–11
and telecommunications industry473
Australian Competition and Consumer Commission (ACCC)93, 101 n2
Australian Office of Regulatory Review115
aviation, and regulation in European Union515–16, 517
Bank for International Settlements425
Bank of America614
benchmarking:
and better regulation261–3
Australia262
Better Regulation Task Force (BRTF, UK)261
Canada262
characteristics of262–3
cumulation of benchmarks273–4
Ireland261–2
measurement difficulties272
problems with multiple benchmarks263
supra-national level262
tensions within263
United States262
and evaluation235–6
better regulation7–8
and benchmarking approach261–3
Australia262
Better Regulation Task Force (BRTF, UK)261
Canada262
characteristics of262–3
cumulation of benchmarks273–4
Ireland261–2
problems with multiple benchmarks263
supra-national level262
tensions within263
United States262
and challenges facing259, 621
and improvements needed275
and justification of regulation260–1
and lack of conceptual clarity273, 621
and measurement of271–3, 275
difficulties with272–3
and objectives of regulation260
and policy process268–71
and pressures for259
and regulatory impact assessment264
characteristics of264
criticisms of268–9
discouragement of imaginative strategies266
incentive effects on regulatory design265–6
limits on influence of269–71
objectives of264
problems with265, 266
tensions with low intervention approaches264–7
and strategies for achieving263
diverse approaches263
less vs better regulation267–8
rational policymaking263–4
regulatory impact assessment vs low intervention264–7
risk-based regulation267–8
and tensions within:
benchmarking263
dealing with conflicts274
impact on policy process268–71
incompatible processes274–5
less vs better regulation267–8
policy process268–71
regulatory impact assessment vs low intervention264–7
risk-based regulation267–8
strategic approaches263
Better Regulation Commission (UK), and risk and regulation307
Better Regulation Task Force (BRTF, UK)9, 261
Bhopal disaster154
Bill and Melinda Gates Foundation568
Brazil8, 207
(p. 644) British Chambers of Commerce (BCC), and criticism of regulatory impact assessment269
British Gas93
British Standards Institution (BSI)108
British Telecom (BT), and price regulation467–9
Broadcasting Act (UK, 1996)48
Brownlow Commission (USA, 1937)353
BSkyB50–1
bureaucratization7
California, and environmental regulation215
Canada, and better regulation262
Canadian Chemical Producers Association154
Cartagena Protocol424
cartels:
and European Commission98
and features of88
case method, and American legal education176–7
Central Electricity Generating Board (CEGB, UK)480
and evaluation of privatisation of232
change, and regulation6
checklists, and measuring impact of regulations289
chemical industry, and Responsible Care154–5, 160–1, 163
Chemical Manufacturers Association (CMA, USA)154–5
Chicago School, and regulation27
child pornography, and cyberspace regulation540–1
citizen empowerment, and accountability361–2
citizenship, and public interest regulation54–5, 56, 57, 59
civic republicanism, and regulatory impact assessment286–7
Clear Communications95
climate change, and emission reductions572
Codex Alimentarius Commission (CDC)412–13, 424
collective goods theory, and global regulatory cooperation425–6
Colorado Springs Utilities488
command and control:
and inefficiencies of27–8
and offsetting behaviour33, 34
and regulation5, 8–9, 146
commands, as regulatory characteristic148–9
Commerce Act (New Zealand, 1986)97
Committee of European Securities Regulators (CESR)452
Committee of Sponsoring Organisations of the Treadway Commission (COSO, USA)324–5
common law:
and environmental regulation204
and public interest regulation58
Communications Act (UK, 2003)48, 50
Communications Act (USA, 1934)52
Communications Decency Act (USA, 1996)523
Competition Appeal Tribunal (CAT, UK)51
Competition Commission (CC, UK):
and BSkyB and ITV50
and LloydsTSB takeover of HBOS40
and regulation of mobile phone operators98
competition law:
and economics of regulation18–19
and energy sector regulation in European Union514–15
and network industries501, 518–19
and postal services regulation in European Union517–18
and telecommunications industry regulation in European Union
abuse of market power512–13
characteristics of507–8
formulating remedies510–11
identifying dominance509–10
market definition508–9
(p. 645)
role in511–13
and transport sector regulation in European Union515–17
competitive advantage, and safety regulation33–4
competitiveness, and regulation7
compliance:
and creative compliance111
and enforcement strategy121–2
assessment of124–5, 139
and theoretical approaches11
consequences, and regulatory tools149
constitutional democracy, and public interest regulation53–4, 55, 57, 59
constructivist institutionalism, and global regulatory cooperation419–20
Consumer Protection Act (USA, 1972)286
consumer sovereignty, and accountability361
contracts:
and regulation92–3
and standards106–7
control, and regulation4, 12
copyright, and cyberspace regulation537
cost-benefit analysis:
and accountability353, 354
and evaluation of regulatory agencies228–30
and risk-based regulation322–4
anti-catastrophic principle323–4
justification for use in322
limitations323
time horizons323
tolerable windows323
value placed on life322
Court of First Instance (CFI, EU)98
and competition rules513
and merits reviews97
creative compliance111
credit crisis438, 453, 454
and impact on regulation613, 614–18
critical legal studies42
cultural theory, and hybrid forms of institutions604
cyberspace regulation623–4
and ‘Code is Law' metaphor523–4
and conceptual view of525–6
and content regulation526, 533–4
areas covered by535
difficulties with541–2
self-help strategies542
self-regulation534
and ‘Declaration of the Independence of Cyberspace'523
and digital divide531
and domain name system (DNS)527–8
and e-commerce538–9
cybercrime539
self-regulation539
and effects on other regulatory domains543
and fragmentation of network532
and identity evasion543
and illegal content and conduct539–41
bullying540
censorship541
child pornography540–1
differing national rules539
European Convention on Cybercrime540
filtering and blocking software541
international agreements540
national legal regulation540–1
self-regulation540
service providers541
variety of539–40
and intellectual property protection537
and Internet Corporation for Assigned Names and Numbers (ICANN)527–8
Uniform Domain Name Dispute Resolution Policy528
and Internet Engineering Task Force (IETF)529–31
IPv6 Internet protocol suite530–1
and Internet Governance Forum (IGF)524
and legal regulation534
and network neutrality532
(p. 646)
and network operators and service providers531–2
and partitioning of functions into layers525–6
and peer production537–8
Wikipedia537–8
and privacy and data protection535–7
effects on international trade535–6
EU-US agreements536
EU-US Safe Harbor Agreement536
national differences535, 536
self-help strategies536–7
and questions raised by524
and self-regulation523, 542
content regulation535
domain name system (DNS)528
e-commerce539
illegal content and conduct540
technical standards528–31
Wikipedia538
and technical infrastructure526
compatibility528–31
criticism of existing structure533
hybrid system533
identification527–8
interconnectivity531–2
technical standards529–31
and United States:
criticism of role of528
domain name system (DNS)527
and World Summit on the Information Society (WSIS)524, 531
and World Wide Web Consortium (W3C)529–30
Czech Republic, and environmental taxation209
data protection, and cyberspace regulation535–7
De Beers Corporation422
delegation:
and accountability352
and bureaucratic drift283
and coalition drift283–4
and global regulatory cooperation417–21
and negotiation285
and regulatory impact assessment281, 283–5
deliberation, and transnational communication411, 412–13
democracy:
and conceptions of78
and New Governance80
and public interest regulation55
and regulatory state76–80
democratic legitimacy76–8
fragmentation within79–80
participation78–9
Denmark, and environmental taxation209, 210
Department of Trade and Industry (DTI, UK), and media regulation49
deregulation7
and economics of regulation25–6
and network industries501
and United States73
design, see regulatory design
deterrence, as enforcement strategy121
assessment of122–4, 139
assumptions of122
enterprise size123
general deterrence122–3
motivations for compliance123, 124
specific deterrence124
developing countries, and regulation of network industries394, 622
accountability limitations377
contractual solutions386
effects of380–1
regulatory solutions383–4
capacity limitations377
contractual solutions384–5
effects of379
regulatory solutions383
commitment limitations377
contractual solutions385–6
effects of379–80
regulatory solutions383
contract renegotiations377, 380
(p. 647)
contract structure:
access vs affordability391–2
power of incentives390–1
subsidies392
empirical evidence392–4
conclusions of393–4
fiscal efficiency limitations378
contractual solutions387
effects of381
regulatory solutions384
following developed country practice371–2
goals of373
incentive compatibilities373
increase in competition374–5
independent regulatory agencies:
diversity of374
establishment of374
insights of regulatory theory372
monitoring of implementation374
private sector involvement374–6
regulatory failure372
regulatory structure:
commitment vs accountability388–9
decentralisation390
independence388–9
multiple principals389–90
research on372–3
timing of reforms375–6
discourse analysis10–11
discretion, and regulatory approaches152
distributive justice, and economics of regulation23–4
domain name system (DNS)527–8
Dvorak keyboard580
eBay539
e-commerce, and cyberspace regulation538–9
economic growth, and regulation7
economic liberalism, and regulation307–8
economics of regulation17–18, 89–92
and agnosticism of economists towards regulation27
and competition and merger laws18–19
and critiques of market-based approach42
and deregulation25–6
and distributional issues23–4
and economic regulation18
and efficiency19–20
definition20
Kaldor Hicks efficiency20
Pareto efficiency20
and future direction of619
and interest groups25–6, 90
and justification of regulation307–8
and legal system19
and market failure20
asymmetric information21–2
exaggeration of22
externality21
market power21
public goods21
shortcomings of approach22–3
and non-market failure22–3
and normative economic theories19–24
and Normative Turned Positive (NPT) theory of regulation24
and political process25
and positive economic theories24–7
and public choice approach26
rent-seeking26–7
and public interest theory of regulation89
and regulatory capture24–5, 27
and regulatory design27–8
auctions31
comparative regulatory effectiveness29–30
ex post vs ex ante regulation28–9
fiscal instruments32
inefficiency of command and control approaches27–8
legal rules28–9
market-based solutions30–2
market creation30–1
pricing mechanisms32
regulatory governance30
regulatory incentives30
(p. 648)
and regulatory impact studies32–4
competitive advantage33–4
offsetting behaviour33, 34
and self-interest89
and social regulation18
and wealth transfers89–90
efficiency, and normative economic theories of regulation19–20
definition20
Kaldor Hicks efficiency20
Pareto efficiency20
Efficient Capital Markets Hypothesis443–4
electricity industry, and regulation of623
components of electricity industry478–9
coordination requirements490
debates over617
environmental considerations485–9
demand side management (DSM) programmes487–8
emissions485–6
energy conservation programmes488
reducing consumption487–8
renewable energy489
time-of-day pricing487–8
tradable pollution permits486
incentive regulation in network sectors481–2
managing congestion and investment483–5
marginal cost of production490
network structure464
price variations490
pricing in competitive sectors:
generation479–80
supply sector480–1
transmission sector481–2
independent system operator (ISO)481–2
United Kingdom480, 481, 482, 484, 489
United States482, 483–4, 488
wholesale price regulation484 see also sustainable energy systems
Electronic Frontier Foundation523
Emissions Trading Scheme (ETS, EU)211, 217
emission trading mechanisms6
and creation of market31
and environmental benefit trading207, 209, 210–15, 216–18, 487
emulation411
energy sector:
and regulation in European Union514–15 see also electricity industry; sustainable energy systems
enforcement620
and adversarial legalism130–1
and compliance strategy121–2
assessment of124–5, 139
and deterrence strategy121
assessment of122–4, 139
assumptions of122
enterprise size123
general deterrence122–3
motivations for compliance123, 124
specific deterrence124
and discretion of regulatory agencies121
and meta-regulation135–9
advantages of135–6
assessment of140–1
business accountability139
impact on regulatory outcomes138–9
management systems137–8
managerial values138
role of government135
safety case regime136–7
self-regulation135
and need for120
and regulatory style120
and responsive regulation120–1, 125–6
assessment of140
challenges facing126
enforcement pyramid126–30
hybrid approach130
and smart regulation121, 131–5
assessment of140
inappropriateness of escalating response134
limitations133–4
meaning of131
multiple instruments and parties132–3
(p. 649)
non-state regulators132
origins of132
role of government134–5
suitability of instruments133–4
and theoretical approaches11
Enron111
Enterprise Act (UK, 2002)48, 49
Environment Agency (EA, UK)306
and risk-based regulation331
Environmental Defence Fund (USA)209
Environmental Protection Agency (EPA, USA)11
and 33/50 program158–60, 162, 163
and performance standards204
and Toxics Release Inventory (TRI)207
and work practice standards205
environmental regulation:
and common law204
and creation of environmental ministries204
and global regulatory competition414
and impact of financial crisis617
and Kyoto Protocol211–12
multilevel governance216–19
and market mechanisms620
abandonment of regulation208
economic theory206–7
environmental benefit trading207, 209, 210–15, 216–18, 487
environmental taxation206, 209–10
ethics of trading mechanisms215
government enforcement213
impact on innovation214
incentive mechanisms214–15
information availability207–8
multilevel environmental governance215–19
as privatisation213
quality of emission reduction credits213–14
rise of209
and performance standards204
uniform standards205
and precautionary principle43–4, 46–7, 304
as contested principle47
and public interest regulation46, 58
and public participation335–6
and subsidies207
and technology-based regulation204
performance standards204
work practice standards205
and traditional regulation204–5
neoliberal criticism of205
epistemic communities, and transnational communication409–10
Ethics in Government Act (USA, 1978)592
European Chemicals Agency (ECHA)313
European Commission:
and cartel prosecution98
and Competition Directorate (DG COMP)97
and merger clearance99–100
and merits reviews97
and regulatory impact assessment279
and risk-based regulation:
precautionary principle319
risk assessment315
and role in development of regulatory state69, 70
European Community Directive on General Product Safety108, 109–10
European Food Safety Authority (EU)304
European Medicines Agency (EMEA)555, 556, 559
European Union:
and better regulation8, 262
and competition law18
and cyberspace regulation:
European Convention on Cybercrime540
EU-US agreements536
EU-US Safe Harbor Agreement536
and eco-labeling208
and energy sector regulation and competition law514–15
and environmental regulation:
carbon tax210
Emissions Trading Scheme (ETS)211, 217
environmental benefit trading211, 216–17
(p. 650)
Kyoto Protocol216–17
living modified organisms (LMOs)47
precautionary principle46
and evaluation of regulatory initiatives227
and financial regulation:
Committee of European Securities Regulators (CESR)452
enforcement447
Financial Services Action Plan (FSAP, EU)438
Lamfalussy process452
Markets in Financial Instruments Directive (MiFID)438–9, 442, 443
mutual recognition451
principles-based447, 448
Prospectus Directive441
reforms438–9
self-regulation449, 454
supervisory convergence452
and Lisbon Agenda8
and Merger Remedies evaluation study250
and New Regulatory Framework29
and pharmaceutical industry regulation:
drug approval556
European Medicines Agency (EMEA)555, 556, 559
generic medicines558, 559
orphan diseases558
and postal services regulation and competition law517–18
and regulatory impact assessment8, 264, 295
as regulatory state, development of69–70
and renewable energy578
and risk-based regulation:
precautionary principle318–19
risk analysis326
selection of risks to regulate313
and Seveso II Directive136
and telecommunications industry regulation:
abuse of market power512–13
characteristics of507–8
formulating remedies510–11
identifying dominance509–10
market definition508–9
role of competition rules511–13
and transport sector regulation and competition law515–17
evaluation of regulatory agencies:
and accountability252–3
and aid agencies253
and benchmarking235–6, 261–3
and better regulation271–3, 275
and case studies236, 251
and comparative approach234
and control groups232–3
random assignment233, 251
and counterfactuals224, 230, 232, 251
and criteria for235
and difficulties with224, 230–1, 251, 620–1
and econometric analyses236–9, 252
best practice procedure238
cross-country and single country237
data for237
focus on developing countries237–8
improvement in quality of237
problems with239, 252
regulatory governance238–9
and economic evaluation and government decision-making226–8
Green Book (UK)226–8, 255 n3
and effectiveness251
and evaluative research234
and ex ante assessments223
and experimental approach234–5
and ex post assessments223
and general equilibrium analysis226
and governance criteria224
and government policy246
and importance of223
and infrastructure regulation224
and objectives of regulatory system246–7, 260
and partial equilibrium analysis225–6
and political economy implications252–3
(p. 651)
and regulatory decision-making246, 248, 251
and regulatory governance232, 238–9, 243–5
and regulatory impact assessment224, 229–30
criticisms of268–9
and role of risk:
external accountability334–6
internal accountability333–4
and standard cost-benefit methods228–30
Green Book (UK)228–30
political economy limitations230–2
and standard format of practice224
and World Bank's Handbook for Evaluating Infrastructure Regulatory Systems228, 239–40
application of methodology243
application to other regulatory issues250–1
approach of241, 242–3
assessing outside influences247–8
context of240–1
counterfactuals242–3
decision-making246, 248
Jamaican Office of Utility Regulation248–50
levels of evaluation245–6
regulatory governance242, 243–5
relevance of241–2
sector outcomes247
Federal Communications Commission (FCC, USA)52–3
Federal Energy Regulatory Commission (FERC)482, 575
Federal Reserve Board (USA)72
Federal Trade Commission (USA)72
fiduciary trusteeship, and accountability360–1
financial crisis453, 454
and impact on regulation613, 614–18
Financial Industry Regulatory Authority (USA)157
Financial Services Act (UK, 1986)438
Financial Services Action Plan (FSAP, EU)438
Financial Services and Markets Act (UK, 2000)438
financial services and markets regulation437, 622–3
and behavioural finance perspective441, 443, 444–5
and central importance of financial markets439–40
and centralisation of449
and challenges facing454–5
and changed environment452
and complexity of financial markets440
and conflict of interest risk453
and correction of market failures437–8
and dangers of emulation442
and decentred approach to447
and difficulties with440–1
and disclosure442–4
and effects on competitiveness441, 450
and Efficient Capital Markets Hypothesis443–4
and enforcement446–7
and Enron-era crisis453
and European Union:
enforcement447
Financial Services Action Plan (FSAP, EU)438
Lamfalussy process452
Markets in Financial Instruments Directive (MiFID)438–9, 442, 443
mutual recognition451
principles-based447, 448
Prospectus Directive441
reforms438–9
self-regulation449, 454
supervisory convergence452
and financial crisis453, 454
impact of613, 614–15, 617
and financial market growth440
and global regulatory cooperation424–5
and increase in systemic risk438
and innovations in447
(p. 652)
and insider dealing443
and international engagement450–2
harmonisation450–1
mutual recognition451
regulatory competition450
supervisory convergence452
and investor decision-making444–5
and investor protection444–5
and investor rationality443
and jurisdictional context450
and law and economics perspective445
and light-touch regulation613–14
and outcomes-based449
and principles-based447–9
and reform movements438
transformative ambitions of438–9
and relationship with financial development445–6
and risk-based regulation, criticisms of616
and risks of intervention439, 441, 442, 444
and risks of outsourcing454
and self-regulation449
and traditional rationale for437–8
and United Kingdom:
enforcement446–7
impact of financial crisis614–15
impact on competitiveness441
light-touch regulation613–14
principles-based447, 448–9
reforms438, 439
and United States:
impact of financial crisis614
impact on competitiveness441, 450
reforms438, 439, 443
Financial Services Authority (FSA, UK)250, 439, 613
and establishment of438
and outcomes-based regulation449
and principles-based regulation447, 448–9
and risk-based regulation331
and risk management327
risk tolerance329
and self-regulation449
and Treating Customers Fairly initiative448
and Turner Review (2009)448
fiscal instruments, and market-based solutions to regulation32
fishing industry, and tradable fishing quotas212–13, 215
Food and Drug Administration (FDA, USA)
and pharmaceutical industry regulation556
and public interest regulation52
Food and Drug Administration Modernisation Act (US, 1997)556
food-safety regulation617
and multi-level character of9
Food Standards Agency (FSA, UK)304, 306
and risk-based regulation331
Ford Foundation157
forestry, and standard-setting116
Forest Stewardship Council (FSC)116, 132, 409
and self-regulation153
France:
and environmental regulation209, 215
and pharmaceutical industry regulation563, 564, 566
freedom of information legislation362, 364
free-riders, and public goods21
G8 group of countries424
game theory88
Gangmasters Licensing Authority (UK)304–5
Gas Act (UK, 1988)93
Genentech551
genetically-modified (GM) food:
and global regulatory cooperation424
and regulatory conflicts6
Germany:
and environmental regulation210, 215
(p. 653)
and pharmaceutical industry regulation561, 562, 564, 566
Global Alliance for TB568
global regulation622
and financial regulation450–2
and future research426–7
and increased interest in407
and mechanisms of408
and national impact of407
and non-state regulators409
and regulatory competition408, 413–16
attracting investment413
environmental regulation414
financial regulation450
lack of empirical evidence for414–16
policy effects414
protection of domestic companies413
race to the bottom hypothesis414
and regulatory cooperation408–9, 416–17
business actors421, 422
coercion425
collective goods theory425–6
constructivist institutionalism419–20
delegation of regulatory authority417–21
domestic political motivations420–1
inclusiveness423–5
meaning of416
non-state actors421–3
power423, 424–5
principal-agent theory418
private self-regulation421–2
rational institutionalism417–19
synthetic approach to425–6
as voluntary self-regulation409
and research questions407–8
and transnational communication408, 409–13
causal mechanisms of policy transfer410–11
deliberative modes411, 412–13
diversity of channels of409–10
emulation410–11
impact on regulatory policies411–12
influence of prior theoretical expectations412
rational learning410, 412
transnational benchmarking410
transnational epistemic communities409–10
governance, and meaning of525
government, and regulation within624
and audit society591
and competition-based system of598
and contrived randomness598–9
and designing capture-proof regimes603–4
and difficulties in assessing effectiveness606
and growth of590–1
exaggeration of591
and hierarchist approach to596
alternatives to597, 604–6
designing capture-proof regimes603–4
enforcement difficulties596–7
extending relational distance602–3
and historical instances of591
and hybrid forms of control604–6
and lack of analytical progress593
and league-tables597
and limited academic attention to592, 606–7
and mutuality597–8
and ownership593, 595
and peer-group control597–8
and privatisation, effects of595, 596, 607
and relational distance593–4, 595, 596
extending602–3
and retro-theory of:
contemporary applicability of595–6
ownership593, 595
relational distance593–4, 595
and steering mechanisms597
and types of approaches to599–600
cross-national differences600
and types of oversight activity:
quality policing592
sleaze-busting592
waste-watching591–2
(p. 654) government failure22
grid-group cultural theory359
Guatemala, and market in radio spectrum31
Hatch-Waxman Act (USA, 1984)558
HBOS, and takeover of40
Health and Safety Executive (HSE, UK)306
health and safety regulation:
and competitive advantage33–4
and offsetting behaviour33, 34
Hypothetical Monopolist Test508
impact assessments, see regulatory impact assessment (RIA)
India8, 154, 241, 248, 528
information asymmetry, and strategic use of regulation94
Institute of Nuclear Power Operators (INPO)132–3, 155–6, 160–1, 163
institutions:
and comparative regulatory effectiveness30
and encouraging technical change in energy systems581
and public interest regulation57
and selection of risks to regulate314
intellectual property:
and cyberspace regulation537
and Trade-related Aspects of Intellectual Property Rights (TRIPS)567
interest groups:
and influence of289–90
and selection of risks to regulate313
and theory of economic regulation25–6, 90
International Accounting Standards (IAS)451
International Accounting Standards Board (IASB)114, 451
International AIDs Vaccine Initiative568
International Capital Market Association (ICMA)449
International Commission on Harmonisation (ICH)555–6
International Financial Reporting Standards (IFRS)451
international institutions, and global regulatory cooperation417–19
International Labour Organisation (ILO)407, 413
International Monetary Fund (IMF)416, 420, 424, 425, 428 n3, 614
International Organisation for Standardisation (ISO)105, 114, 116
and self-regulation154
International Organisation of Securities Commissions (IOSCO)451
International Telecommunications Union (ITU)524, 531
Internet, see cyberspace regulation
Internet Assigned Names and Numbers Authority (IANA)527
and Uniform Domain Name Dispute Resolution Policy (UDRP)528
Internet Corporation for Assigned Names and Numbers (ICANN)527–8
Internet Engineering Task Force (IETF)529–31
and IPv6 Internet protocol suite530–1
Internet Governance Forum (IGF)524
Interstate Commerce Commission (ICC, USA)72
Investment Exchanges and Clearing Houses Act (UK, 2006)441
Ireland, and better regulation261–2
isomorphism408
Japan, and pharmaceutical industry regulation556, 558
judicial review353
judiciary, and the regulatory state67
Kaldor Hicks efficiency, and economics of regulation20
Kimberley Process422
Korea, and environmental taxation,209
Kyoto Protocol to the Framework Convention on Climate Change:
(p. 655) and Clean Development Mechanism (CDM)211–12, 216, 217
Executive Board217
and environmental benefit trading211, 212, 216
and Joint Implementation Program216, 217
and multilevel environmental governance216–19
Lamfalussy process452
law and economics19, 28
learning, and regulatory process94
legal cases:
Airtours/First Choice (1999)101 n6
Airtours v Commission (2002)101 n6
Chevron v Natural Resource Defense Council353
Clear Communications v Telecom New Zealand (1992, 1995, New Zealand)95, 101 n4
Deutsche Telekom AG v European Commission (2008)513
Impala v Commission (2006)101 n7
Pacific Bell Telephone Co DBA AT&T California v LinkLine Communications Inc (2009)513
Schneider Electric v Commission (2002)101 n6
Telstra Corporation Limited v ACCC (2008)101 n2
Tetra Laval BV v Commission (2002)101 n6
Verizon Communications Inc v Law Offices of Curtis v Trinko (2004)513
legal realism42
Legal Services Act (UK, 2007)192, 196
legal system:
and economics of regulation19
and regulatory design28–9
ex post vs ex ante regulation28–9 see also American legal profession
legitimacy, and rational policymaking,283
less developed country diseases, and pharmaceutical industry549, 566
access to drugs and vaccines567
price discrimination567
product development partnerships568
stimulation of research567–8
Lisbon Agenda8
living modified organisms (LMOs)47
LloydsTSB, and takeover of HBOS40
Long Term Capital Management438
Major Hazard Facilities (MHF)136
management systems, and meta-regulation136–8
Mandelkern Report (EU, 2002)262
maritime transport, and regulation in European Union516–17
market-based regulation30–2
and auctions31
and creation of markets30–1
and critiques of42
and debates over617–18
and environmental regulation620
abandonment of regulation208
economic theory206–7
environmental benefit trading207, 209, 210–15, 216–18, 487
environmental taxation206, 209–10
government enforcement213
impact on innovation214
incentive mechanisms214–15
information availability207–8
multilevel environmental governance215–19
privatisation213
quality of emission reduction credits213–14
rise of209
and fiscal instruments32
and market-state boundaries617–18
and myth of market neutrality44
and non-economic values39–40
and pricing mechanisms32 see also economics of regulation
market failure:
and economics of regulation20
and exaggeration of22
as explanation of regulation68
(p. 656)
and reasons for:
asymmetric information21–2
externality21
market power21
public goods21
and shortcomings of approach22–3
media regulation:
and BSkyB and ITV50–1
and media mergers48–50
and public interest regulation44, 47–8
priority of citizen over consumer58–9
and recognition of public interest values50
and specification of public interest48–9
Medicare (USA)565
Medicines Act (UK, 1964)555
Medicines for Malaria Venture568
mergers:
and economics of regulation18–19
and European Commission99–100
and policy evaluation250
Merger Task Force (MTF, European Union)97, 100
merits reviews, and strategic use of regulation97, 98
meta-regulation9, 135–9, 620
and advantages of135–6
and American legal profession192
and assessment of140–1, 161–3
and business accountability139
and definition of147–8, 150
and impact on regulatory outcomes138–9
and management systems137–8
and managerial values138
and practical application of156–7
33/50 program (EPA, USA)158–60, 162, 163
Toxic Use Reduction Act (TURA)157–8, 162, 163
and role of government135
and safety-case regime136–7
and self-regulation135
advantages over163
and theoretical rationale for151–3
discretion available to targets151–2
information disadvantage153
resource availability152–3
Monopolies and Mergers Commission (UK)98
monopoly:
and market failure21
and strategic use of regulation95
Montreal Protocol159
moral hazard22
Morrisons (supermarket chain)100
Motion Picture Association of America, and self-regulation153
‘name and shame' devices6
National Association of Securities Dealers (USA)156
National Audit Office (NAO, UK), and regulatory impact assessment
criticisms of268–9, 270
recommendations on270–1
National Grid Company (NGC, UK)482
National Institute for Health and Clinical Excellence (NICE, UK)562
National Power480
Natural Resources Defense Council (NRDC)210
Negotiated Rule Making Act (USA, 1990)113
neoliberalism205
neo-pluralism, and regulatory impact assessment286
Netherlands, and ‘standard cost model'8
network industries:
and characteristics of29
and competition law501
and competitive elements of501
and deregulation501
and future regulation of617
and objectives of regulation500–1
and regulation and competition law518–19
network industry pricing462, 623
and adapting regulation to level of competition470–2
and competition levels462–3, 489
and coordination requirements489–90
and evolution of regulation490–1
and factors affecting489
and negotiated settlements491
and network structure489
electricity industry464
telecommunications industry463–4
and price regulation463
cost structure effects465
earnings sharing (ES) regulation465–7, 470
goals of464–5
investment effects465
price cap (PC) regulation465, 467–9, 470–2, 490
rate of return (ROR) regulation465, 470
survey of policies employed467
New Deal (USA), and growth of regulation72, 616
New Governance80
and democratic legitimacy80
New Institutional Economics22
New Public Management66, 79
new public risk management327
New South Wales Mines Inspectorate125
New York Stock Exchange156
non-governmental organisations (NGOs):
and global regulatory cooperation421, 422, 423
and standard-setting115
non-state actors, and global regulatory cooperation421–3
Normative Turned Positive (NPT) theory of regulation24
Northern Rock447, 448
Norway, and environmental taxation209
nuclear power industry, and Institute of Nuclear Power Operators (INPO)155–6, 160–1, 163
Nuclear Regulatory Commission (NRC, USA)133, 161
nursing homes, and regulation of110–11
Occupational Safety and Health Act (USA, 1970)286
Occupational Safety and Health Administration (OSHA, USA)33, 156
Ofcom (Office of Communications, UK)354
and media regulation48, 49–50, 55, 58–9
and price regulation469
and regulation of mobile phone operators98
Office for Information and Regulatory Affairs (OIRA, USA)281
Office of Fair Trading (OFT, UK):
and media regulation48
and risk management327
and strategic practices100
Office of Management and Budget (OMB, USA)281
and better regulation262
and criticisms of290
Office of Utility Regulation (OUR, Jamaica), and evaluation of248–50
offsetting behaviour, and response to regulation33, 34
Ofgas (Office of Gas Supply, UK)93
Ofgem (Office of Gas and Electricity Markets, UK)485, 575
Oftel (Office of Telecommunications, UK)98
and price regulation468–9
Open Europe614
Organisation for Economic Co-operation and Development (OECD)424
(p. 658) and better regulation262
and regulation8
and regulatory impact assessment264
and regulatory reform264
Orphan Drug Act (USA, 1983)557–8
Pareto efficiency, and economics of regulation20
participation:
and regulatory agencies78–9
and risk-based regulation335–6
paternalism41
Pfizer551
pharmaceutical industry624
and characteristics of548–9
and competitive structure of551
nature of competition552
and impact of biotech and genome revolutions550
and less developed country diseases549, 566
access to drugs and vaccines567
product development partnerships568
stimulation of research into567–8
and nature of health care systems549
impact of insurance systems552–3
rationale for price regulation560
and patents548–9, 557
effective patent life557–8
impact of price regulation561
orphan diseases557–8
post-patent generic medicines558–9
scope of557
and price regulation:
cost based approaches562–3
cost-effectiveness562
cost per quality adjusted life year (QALY)562
external benchmarking564
impact on patient health outcomes561–2
impact on research and development561
limits on total spending564
parallel trade564
patent-truncating effects561
rationale for560
reference price reimbursement systems (internal benchmarking)561–2
types of560–1
United States565
and product differentiation552–3
and product licensing548, 567
and product promotion549, 565–6
and profitability553
rates of return553–4
and research and development process549–50
basic research549
clinical trials550
costs of550
duplicative R&D552–3
impact of price regulation561
and safety and efficacy regulation554–7
agency regulation554
clinical trials555
drug approval555–7
fast track approval556
harmonisation of555–6
impact on vaccine shortages555
post-launch evaluation556–7
Pharmaceutical Price Regulation Scheme (PPRS, UK)563
Piper Alpha disaster136
Pirate Bay537
postal services, and regulation in European Union517–18
PowerGen480
precautionary principle318–21
as contested principle47
and criticisms of320–1
and development of319
and environmental regulation43–4, 46–7, 304
and politicised nature of321
and principles underlying319
(p. 659)
and suspicion of319
price regulation:
and electricity industry484, 490
generation479–80
supply sector480–1
time-of-day pricing487–8
and negative effects of24
and pharmaceutical industry:
cost based approaches562–3
cost-effectiveness562
cost per quality adjusted life year (QALY)562
external benchmarking564
impact of561
impact on patient health outcomes561–2
impact on research and development561
limits on total spending564
parallel trade564
patent-truncating effects561
rationale for560
reference price reimbursement systems (internal benchmarking)561–2
types of560–1
United States565
and telecommunications industry473, 475–6, 477–8, 504 see also network industry pricing
principal-agent theory:
and accountability353
and administrative procedure284, 285
and delegation283–5
and global regulatory cooperation418
prison services, and standard-setting113
privacy, and cyberspace regulation535–7
private law, and role of56–7
privatisation7
and effects on government regulation595, 596, 607
and environmental regulation213
and regulatory agencies66
and United Kingdom25, 90
professions:
and ideology of professionalism172
and self-regulation620
challenges to170–1
characteristics169
development of170, 173–4
justification of172–3
Progressive movement (USA)72
prospect theory, and perceptions of risk312
public choice theory41
and challenge to public interest regulation42–3
and critiques of approach42
and economics of regulation26–7
and influence of41, 42
public goods, and market failure21
public interest regulation:
and absence of clear objectives43
and challenged by market-based approaches42–3, 51, 52
and citizenship54–5, 56, 57, 59
and common law58
and constitutional democracy55
and constitutional principles53–4, 57, 59
and environmental regulation43, 46, 58
precautionary principle43–4, 46–7
and failures of43
and institutional structures57
and marginalization of values41
and media regulation43–4, 47–8
BSkyB and ITV50–1
media mergers48–50
priority of citizen over consumer58–9
recognition of public interest values50
specification of public interest48–9
and practical acceptance of43–4
and private property power55–6
and problems facing45
and public interest as regulatory value40
and rationales for46
and regulatory capture54
and social regulation55, 260
and stewardship58
(p. 660)
and theory of89
and values and principles of:
constitutional setting53–4
continued existence of52
difficulty in identifying41, 43, 52–3, 57
lack of coherent vision of45, 54
legal recognition of52
legal system's difficulties with59, 60
need for clarity over51–6
problems of legal interpretation58
underdevelopment of46
and vulnerability of51–2
public law:
and regulation57
and role of56–7
and standards106
public services, and regulation7
Puget Sound Energy488
QWERTY keyboard580
race to the bottom, and global regulatory competition414
lack of evidence for414–16
radio spectrum, and market in22–3, 31
railway transport, and regulation in European Union516
rational choice theory, and regulation68, 70, 283
rationalist institutional theory, and international cooperation417–19
rational planning, and regulation8
rational policymaking, and regulatory impact assessment281–2, 283
Regional Bell Operating Companies (RBOCs)470
Regional Greenhouse Gas Initiative (RGGI, USA)218
regulation:
and academic attention to:
analytical shortcomings618
contribution of618–19
and administrative procedure284
and auditing approaches to9
and ‘better regulation' agenda7–8
and broadening understandings of6–10
and centrality of6–7
and change6
and characteristics of regulatory tools:
command148–9
consequences149
regulator148
target148
and command and control5, 8–9
and commonality5
as contract92–3
and control4, 12
and conventional view of146
and criticism of7
and decentred interpretations of9
and definition of11–12, 525
and evolution of concept5–6
and extension across policy domains616
as field of study4
future direction625
inter-disciplinary13
status of12
trans-disciplinary12, 624–5, 625–6
and flexible understandings of5–6
and functional accounts of10
and future of615–16
debates over616–17
and impact of financial crisis613, 614–18
and inefficiency27
and justification of260–1
and lack of standard language of148
and market-state boundaries617–18
and maturation of5
and meta-regulation9
as multidisciplinary field4, 624–5
and multi-level character of9
and national context616–17
and news coverage of3–4
and non-economic values39–40
marginalization of40–1
and objectives of87, 89, 260
as outcome of political and legal processes87
and penetration of language of4, 5, 6
(p. 661)
and public interest accounts of10
and public interest theory of89
and public law57
and quality and direction of7
and rational planning8
and regulatory community5
and risk9
and specialisation5
and technology525
and theoretical developments10–11
and winners and losers87
Regulation and Governance (journal)4
regulatory agencies:
and administrative procedure284
and control over285
and delegation283–4
and democratic legitimacy76–80
and objectives, expansion of7
and privatisation66
and regulatory state70
and United States71
establishment of72
regulatory capture24–5, 27
and public interest regulation54
regulatory design27–8
and accountability358–9
citizen empowerment worldview361–2
consumer sovereignty worldview361
fiduciary trusteeship worldview360–1
surprise and distrust worldview362
and capture-proof regimes602–3
and characteristics of regulatory tools
commands148–9
consequences149
regulator148
target148
and comparative regulatory effectiveness29–30
and increasing relational distance602–3
and inefficiency of command and control approaches27–8
and legal rules28–9
ex post vs ex ante regulation28–9
and market-based solutions30–2
auctions31
fiscal instruments32
market creation30–1
pricing mechanisms32
and regulatory governance30
and regulatory impact assessment265–6
and regulatory incentives30
regulatory economics18
regulatory governance:
and evaluation of232, 238–9, 242, 243–5
and regulatory design30
regulatory impact assessment (RIA)8, 621
as administrative procedure284, 285
and better regulation264
tensions with low intervention approaches264–7
and characteristics of264
and competitive advantage33–4
and control of bureaucracy284
and definition of279
and delegation281, 283–5
and discouragement of imaginative regulatory strategies266
and economics of regulation32–4
and effects of288
comparative studies291–2
diffusion studies291–2
longitudinal-qualitative studies290–1
longitudinal-quantitative studies288–90
and governance models286–7
civic republicanism286–7
neo-pluralism286
rationality287
regulatory state287
and incentive effects on regulatory design265–6
and institutionalisation of295
and limits on influence of269–71
and objectives of264
and offsetting behaviour33, 34
and political logic of280–3
delegation281
(p. 662)
democratic governance281
open governance282
rational policymaking281–2, 283
regulatory state282
and problems with265, 266
and regulatory state282
and research agenda292–5
administrative capacity293–4
political control294–5
rationality294
regulatory state294
research questions293
and scope of activities covered by280
and United States, delegation281
and variations in sophistication of279–80
and weaknesses of268–9
regulatory space10–11
regulatory standards, see standards
regulatory state4
and accountability350, 354–5, 356
as analytical construct64, 80
usefulness of80–1
and centrality of regulation7
and change in state's function66–7
and characteristics of75
and democratic legitimacy76–80, 619
fragmentation within regulatory state79–80
participation78–9
and emergence of68–70
debate over68, 70
European Union69–70
neoliberal reforms68
welfare state failure68–9, 70
and European Union as69–70
and expanded role of judiciary67
and focus of analysis67–8
and fragmentation within79–80
and New Public Management reforms66
and policy instruments of the state67
increased reliance on rules67
and privatisation, regulatory agencies66
and problem-solving capacities of617
and regulatory agencies70
democratic legitimacy76–8
participation78–9
and regulatory impact assessment282, 287
and separation of regulation and politics77–8
as successor to welfare state65–6
and United Kingdom as73–5
development of73–4
origins74–5
and United States as71
development of71–3
and variations in65, 75–6
regulatory styles91–2, 120
renewable energy489
and European Union targets578
and impacts of576–7
rent-seeking:
and definition of26, 91
and economics of regulation26–7
resilience principle321–2
Responsible Care154–5, 160–1, 163
responsive regulation120–1, 125–6
and assessment of140
and challenges facing126
and enforcement pyramid126–30
complexity of escalation and de-escalation127
hybrid approach130
motivations of enterprises128
need for compliance expertise127–8
polycentric regulatory regimes129
repeat interactions129–30
risk-based regulation128–9
Right-to-Know Law (USA)207, 208
Rio Declaration on Climate Change, and precautionary principle319
risk and regulation9, 128–9, 303, 621–2
and accountability303, 332–3
external accountability334–6
internal accountability333–4
legitimacy of regulators337–8
nature of accountability relationships336–7
parameters of blame336–9
(p. 663)
and assessment of314–17
criticism of scientific methods315–17
errors in317–18
international collaboration315
need for common approach314–15
and better regulation267–8
and common features of331
and contestability of:
causal relationships310
choice of risks to regulate311
distinction from uncertainty310–11
incommensurability of risks309–10
measurement of risk310
and cost-benefit analysis322–4
anti-catastrophic principle323–4
justification of322
limitations323
time horizons323
tolerable windows323
value placed on life322
and criticisms of616
and definition of:
broad scope of305
contestability of risk309–11
and development of330–3
and diffusion of330–1
and economic regulation305–6
and evaluative role of303
and expansion of areas covered by304–5
and information requirements267
and inward/outward foci of330
as justification of regulation303, 306–9
boundaries of state intervention307
contestability of risk309–11
economics as more stable rationale307–8
individualisation of risk management306–7
instability of308–9
and meanings of330
and measurement of risk310
and motivations for adopting331–2
as object of regulation303, 304–6
and organisational and procedural role in regulation303, 324–5
and perceptions of risk311–12
and precautionary principle304, 318–21
criticisms of320–1
development of319
politicised nature of321
principles underlying319
suspicion of319
and public participation335–6
and reframing of regulation in terms of risk305–6
and resilience principle321–2
and responding to317–18
anticipating the future317
cost-benefit analysis322–4
errors in assessment317–18
precautionary principle318–21
resilience principle321–2
and the risk state302–3, 339
and selection of risks to regulate311, 312–13
amplification of risks313–14
cross-national differences312
institutional factors314
interest-based explanation313
old and new risks312–13
risk bureaucracies314
variations within countries312–13 see also risk management
Risk and Regulation Advisory Council (UK)614
risk management:
and common procedural forms324–5
and institutional risk:
development of internal systems327–8
meaning of327
new public risk management327
organisational objectives328–9
political context329–30
risk tolerance329
strategic management of328
widespread concern with327
and societal risk325–7
organisational structures326
policy making process326–7
risk analysis325–6
training for policy makers326
(p. 664) Risk Regulation Advisory Council (RRAC, UK)326
road pricing32
road transport, and regulation in European Union516
rules, and design of legal rules28–9
ex post vs ex ante regulation28–9
Russia, and environmental benefit trading212
safety case regime, and meta-regulation136–7
safety regulation, see health and safety regulation
Sarbanes Oxley Act (2002, USA)189, 190, 196, 438, 441, 443
scenario analysis, and shortcomings of316
science, and risk assessment315–17
scorecards, and measuring impact of regulations289
seat belt legislation, and offsetting behaviour34
Securities and Exchange Commission (SEC, USA)156, 439
self-regulation620
and assessment of160–1, 163
and cyberspace523, 542
content regulation535
domain name system (DNS)528
e-commerce539
illegal content and conduct540
technical standards528–31
Wikipedia538
and definition of147, 150
and financial regulation449, 454
and meta-regulation135
and practical application of153–4
Institute of Nuclear Power Operators (INPO)155–6, 160–1, 163
Responsible Care154–5, 160–1, 163
and professions620
challenges to170–1
characteristics169
development in170, 173–4
justification172–3
logic of self-regulation172–4, 195
and standards107–8
and theoretical rationale for151–3
discretion available to targets152
information disadvantage153
resource availability152–3 see also American legal profession
Seveso II Directive (EU)136
Singapore, and environmental taxation209
smart regulation121, 131–5
and assessment of140
and inappropriateness of escalating response134
and limitations of133–4
and meaning of131, 265
and multiple instruments and parties132–3
and non-state regulators132
and origins of132
and role of government134–5
and suitability of instruments133–4
social regulation:
and economics of regulation18
and public interest regulation55, 260
standards:
and centrality of104
and definition of105
and expression of104
and instrument types:
associational regulation107–8
contractual106–7
delegated statutory powers106
public law106
self-regulation107–8
soft law107
supply chain contracts106, 107
technical standards105, 108
and means commands148
and nature of:
accessibility108
congruence108
general standards109–11
problems with detailed standards110–11
transparency108
(p. 665)
and performance standards148
nursing homes110–11
and principles-based109–11
and process standards107
and product standards107 see also standard-setting
standard-setting104–5, 112
and accountability105, 115–17, 620
non-state standard-setting115–17
public standard-setting115
as core aspect of regulatory regime117
and diffusion of responsibility105, 112, 620
and financial regulation451
and legitimacy of standards112
and non-state standard-setting113–15
accounting practices114–15
appropriateness of113
non-governmental organisations (NGOs)115
opaqueness of113
technical standards114
and public standard-setting112–13
and quality of standards112 see also standards
stewardship, and public interest regulation58
strategic use of regulation87, 100, 619–20
and appeals over regulators' decisions97–9
merits reviews97, 98
and benefits of influencing outcomes91
and cartels88–9
and cooperative regulation93
and costs of lobbying and strategic actions91
and economics of regulation89–92
interest groups90
self-interest89
wealth transfers89–90
and importance of90
and information manipulation94
and legal challenges to regulators' decision96–9
and market structure94–6
asymmetric regulation95
monopoly95
network industries95–6
and national differences91–2
and non-compliance93
and opportunities for influencing90–1
and regulation as contract92–3
and regulators' discretion91
and regulators' use of strategy99–100
and rent-seeking91
Strategies for Today's Environmental Partnerships (STEPS)154
surprise and distrust, and accountability362
sustainable energy systems624
and climate change as driver of572
and definition of578
difficulties with576
and demand reduction578, 584
and economic regulation:
creating supportive selection environment583
energy demand584
impact of576
influence on investment decisions574, 575
market design584–5
need for new approach586–7
political context574
power flow management585–6
provision of adequate infrastructure585–6
role in development of583–6
role in technical change581–2, 583
role of574
rules and incentives583, 584
and encouraging technical change in energy systems578–83
cost issues579
evolutionary approach579–80
institutional factors581
interaction of social and economic factors581
market context578
role of economic regulators581–2, 583
(p. 666)
subsidies582
technical ‘lock-in'580–1, 582–3
and impact on system infrastructure577
and improving energy efficiency578
and market-based mechanisms for achieving573
and nature of576–8
impact on system infrastructure577
impacts of energy systems576–7
and need for development of575
and problem for policy makers573–4
and renewable energy, impacts of576–7
and security of energy supply573
and social and institutional change required573
and sustainability573
and technological changes required573
and timescale for achievement of572–3
Sustainable Forestry Initiative (SFI, USA)116
Sweden, and environmental taxation209, 210
taxation:
and environmental regulation206, 209–10
and regulatory design32
technology, and regulation525
telecommunications industry, and regulation of623
access to incumbent's facilities503, 504–5
adapting to level of competition470–2
coordination requirements489–90
debates over617
deregulation strategy506–7
earnings sharing (ES) regulation469
European Union:
abuse of market power512–13
characteristics of507–8
formulating remedies510–11
identifying dominance509–10
market definition508–9
role of competition rules511–13
inter-carrier compensation charges476–8
cost-based pricing477–8
impact on strategic behaviour478
liberalisation of entry504
marginal cost of production490
market failure sources502–4
demand-side network externalities503–4
economies of scope503
monopolisation502–3
network externalities473
network structure463–4
Next Generation Access networks (NGAs)506
non-economic objectives of502, 504
objectives of502
price control504
rate of return (ROR) regulation469
sequence of regulatory reform504–5
technical developments505–6
Next Generation Access networks (NGAs)506
traditional justification of501–2
United Kingdom467–9
United States469–70, 478, 513
universal service policies473–4, 502, 505
cream-skimming473–4, 505
subsidies474
uniform price mandates473
wholesale services474–6
competitors' access503, 504–5
cost-based pricing475–6
impact on retail competition474, 475
minimum-cost pricing476
old vs new infrastructure475
problems with mandated access474–5
Telecommunications Reform Act (USA)523
Telecom New Zealand95
Telstra93, 101 n2, 473
Three Mile Island accident155
toxic pollution, and meta-regulation:
33/50 program (EPA, USA)158–60, 162, 163
Toxic Use Reduction Act (TURA, Massachusetts)157–8, 162, 163
Toxic Substance Control Act (USA, 1976)286
(p. 667) Toxic Use Reduction Act (TURA, Massachusetts)157–8, 162, 163
Trade-related Aspects of Intellectual Property Rights (TRIPS)567
transaction cost theory, and comparative regulatory effectiveness29–30
transparency, and accountability351–2, 355
transport sector, and regulation and competition law in European Union515–17
Turner Review (UK, 2009)448
unintended consequences, and accountability364
Union Carbide154
United Kingdom:
and ‘better regulation' agenda7–8
and Better Regulation Task Force (BRTF)261
and electricity industry482, 484, 489
competition in480, 481
and evaluation:
Green Book226–7, 228–30, 255 n3
Regulatory Impact Assessment229–30
and financial regulation:
criticisms of risk-based regulation616
enforcement446–7
impact of financial crisis614–15
impact on competitiveness441
light-touch regulation613–14
principles-based447, 448–9
reforms438, 439
and media regulation48
BSkyB and ITV50–1
media mergers48–50
recognition of public interest values50
specification of public interest48–9
and pharmaceutical industry regulation555
price regulation562, 563
product promotion566
and privatisation25
framing of regulation90
and regulatory impact assessment264
criticisms of268–9
as regulatory state73–5, 282, 591
development of73–4
origins74–5
and risk-based regulation:
development of331
organisational structures326
precautionary principle319
and risk management:
development of internal systems of risk management327–8
risk analysis325
strategic management of institutional risk328
and telecommunications industry, price regulation467–9
United Nations:
and Food and Agriculture Organisation424
and World Summit on the Information Society (WSIS)524
United States:
and accountability, delegated powers352–3
and adversarial legalism130–1
and cyberspace regulation:
criticism of role in528
domain name system (DNS)527
EU-US agreements536
EU-US Safe Harbor Agreement536
and deregulation25, 73
and electricity industry482, 483–4, 488
and environmental regulation:
environmental benefit trading210–11, 212, 215, 218
market mechanisms209
and financial regulation:
impact of financial crisis614
impact on competitiveness441, 450
reforms438, 439, 443
and pharmaceutical industry regulation:
clinical trials555
drug approval556
generic medicines558–9
orphan diseases557–8
(p. 668)
pricing565
product promotion566
and public interest regulation52–3
constitutional setting53–4
lack of clarity over public interest54
and regulation of nursing homes110–11
and regulatory agencies72
and regulatory impact assessment, delegation281
as regulatory state71
development of71–3
and selection of risks to regulate313
and standard-setting112–13
and telecommunications industry:
competition rules513
price regulation469–70, 478
structural changes469–70 see also American legal profession
United States Supreme Court, and American legal profession185, 187, 188
utilities, see network industries
welfare state, and characteristics of65–6
West Publishing Company177
Wikipedia537–8
Wingspread Declaration (1998)46–7
World Bank:
and better regulation262
and ‘Doing Business'7
and ex post evaluation228
and Handbook for Evaluating Infrastructure Regulatory Systems228, 239–40
application of methodology243
application to other regulatory issues250–1
approach to evaluation241, 242–3
assessing outside influences247–8
context of240–1
counterfactuals242–3
decision-making246, 248
Jamaican Office of Utility Regulation248–50
levels of evaluation245–6
regulatory governance242, 243–5
relevance of241–2
sector outcomes247
and impact of a country's institutions30
and Independent Evaluation Group228
and regulation8
World Health Organisation (WHO)424
World Summit on the Information Society (WSIS)524, 531
World Trade Organisation (WTO)424
and living modified organisms (LMOs)47
and Trade-related Aspects of Intellectual Property Rights (TRIPS)567
World Wide Web Consortium (W3C)529–30