By Robert Baldwin, Martin Cave, Martin Lodge
Law is a key difficulty of industries, shoppers, voters, and governments alike. construction at the luck of the 1st variation, figuring out rules, moment variation presents the reader with an advent to key debates and discussions within the box of law from a few disciplinary views, having a look in the direction of legislation, economics, enterprise, political technology, sociology, and social management.
The ebook has been largely revised and up to date take into consideration the numerous advancements and occasions of the previous decade. Containing a number of new chapters, it's been thoroughly restructured into seven components, masking: the basic concerns relating to rules; types of regulatory options; principles and enforcement; caliber and assessment; rules at varied degrees of presidency; community matters; and concluding thoughts.
Drawing on cross-sectoral and cross-national examples, this ebook stories the vital questions of law, and displays upon these contentious concerns that impact the layout and operation of regulatory associations. among different themes, it discusses "better regulation," enforcement, self-regulation, danger law, cost-benefit research, and extra application regulation-oriented themes, akin to price-setting. it is going to be a vital source for teachers, researchers, and graduates around the social sciences learning rules.
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Additional info for Understanding Regulation: Theory, Strategy, and Practice
Beck, ‘The Politics of Risk Society’ and A. Giddens, ‘Risk Society: The Context of British Politics’, both in J. ), The Politics of Risk Society (Cambridge, 1998). See also U. , The Reinvention of Politics (Cambridge, 1997); A. Giddens, Beyond Left and Right (Cambridge, 1994). 18 One can distinguish effectiveness as addressing the issue of whether desired results are actually achieved (irrespective of costs). G. Veljanovski, ‘Cable Television: Agency Franchising and Economics’, in Baldwin and McCrudden, Regulation and Public Law.
How, then, can legitimacy be improved in the real world? The answer is by taking steps to improve ratings according to the ﬁve tests. To give some brief examples, under the mandate, measures could be taken to improve the clarity of the mandate and to achieve agreement on its terms. A regulatory body could, thus, publish its vision of the mandate and hold discussions and consultations on this. Such steps will lend legitimacy to the regulator’s vision of the mandate. 30 Regulators’ claims to be properly accountable might be improved by such steps as the creation of a specialist parliamentary select committee (a Select Committee on Regulated Industries) or by strengthened (perhaps publicly funded) standing consumer bodies for speciﬁc industries or products.
Thus, rather than have three railway or electricity companies laying separate networks of rails or cables where one would do, it may be more efﬁcient to give one ﬁrm a monopoly subject to regulation of such matters as prices and access to the network. Determining whether a natural monopoly exists requires a comparison of demand for the product with the extent of the economies of scale available in production. If a ﬁrm is in a position of natural monopoly then, like any monopoly, it will present problems of reduced output, higher prices, and transfers of wealth from consumers to the ﬁrm.
Understanding Regulation: Theory, Strategy, and Practice by Robert Baldwin, Martin Cave, Martin Lodge