Regulation
Regulation is the management of
- in biology, metabolic regulation allow living organisms to adapt to their environment and maintain homeostasis;
- in delegated legislationwhich is adopted to enforce primary legislation;
- in business, industry self-regulation occurs through self-regulatory organizations and trade associations which allow industries to set and enforce rules with less government involvement; and,
- in psychology, self-regulation theory is the study of how individuals regulate their thoughts and behaviors to reach goals.
Social
Regulation in the social, political, psychological, and economic domains can take many forms:
State-mandated regulation is government intervention in the private market in an attempt to implement policy and produce outcomes which might not otherwise occur,[3] ranging from consumer protection to faster growth or technological advancement.
The regulations may prescribe or proscribe conduct ("command-and-control" regulation), calibrate incentives ("incentive" regulation), or change preferences ("preferences shaping" regulation). Common examples of regulation include limits on environmental
One critical question in regulation is whether the regulator or government has sufficient information to make ex-ante regulation more efficient than ex-post liability for harm and whether industry self-regulation might be preferable.[4][5][6][7] The economics of imposing or removing regulations relating to markets is analysed in empirical legal studies, law and economics, political science, environmental science, health economics, and regulatory economics.
Power to regulate should include the power to enforce regulatory decisions. Monitoring is an important tool used by national regulatory authorities in carrying out the regulated activities.[8]
In some countries (in particular the Scandinavian countries) industrial relations are to a very high degree regulated by the labour market parties themselves (self-regulation) in contrast to state regulation of minimum wages etc.[9]
History
Regulation of businesses existed in the ancient early Egyptian, Indian, Greek, and Roman civilizations. Standardized weights and measures existed to an extent in the ancient world, and gold may have operated to some degree as an international currency. In China, a national currency system existed and paper currency was invented. Sophisticated law existed in Ancient Rome. In the European Early Middle Ages, law and standardization declined with the Roman Empire, but regulation existed in the form of norms, customs, and privileges; this regulation was aided by the unified Christian identity and a sense of honor regarding contracts.[10]: 5
Modern industrial regulation can be traced to the
Measurement
Regulation can be assessed for different countries through various quantitative measures. The Global Indicators of Regulatory Governance
See also
- Consumer protection – Protect consumers against unfair practices
- Rulemaking – Process by which executive branch agencies create regulations
- Regulatory state – term referred to the expansion in the use of rulemaking, monitoring and enforcement techniques and institutions by the state and to a parallel change in the way its positive or negative functions in society are being carried out
- Deregulation – Remove or reduce state regulations
- Environmental law – Branch of law concerning the natural environment
- Occupational safety and health – Field concerned with the safety, health and welfare of people at work
- Public administration – Academic discipline; implementation or management of policy
- Regulation of science
- Regulatory capture – Form of political corruption
- Regulatory economics – Economics of regulation
- Tragedy of the commons – Self-interests causing depletion of a shared resource
- Public choice – Economic theory applied to political science
- Precautionary principle – Risk management strategy
References
- ^ Marcos Antonio Mendoza, "Reinsurance as Governance: Governmental Risk Management Pools as a Case Study in the Governance Role Played by Reinsurance Institutions", 21 Conn. Ins. L.J. 53, (2014) https://ssrn.com/abstract=2573253
- ^ Levi-Faur, David, Regulation and Regulatory Governance, Jerusalem Papers in Regulation and Governance, No. 1, 2010
- ^ Orbach, Barak, What Is Regulation? 30 Yale Journal on Regulation Online 1 (2012)
- S2CID 44186028– via SSRN.
- S2CID 154354509.
- S2CID 216306756, retrieved 2020-11-03
- doi:10.3386/w1218.
- ^ Eraldo Banovac. Monitoringgrundlagen der kroatischen Regulierungsbehörde für Energie. EW − das Magazin für die Energie Wirtschaft, Vol. 103, No. 1–2, 2004, pp. 14–16.
- ^ Anders Kjellberg (2017) "Self-regulation versus State Regulation in Swedish Industrial Relations" In Mia Rönnmar and Jenny Julén Votinius (eds.) Festskrift till Ann Numhauser-Henning. Lund: Juristförlaget i Lund 2017, pp. 357-383
- ^ John Braithwaite, Péter Drahos. (2000). Global Business Regulation. Cambridge University Press.
- ^ Global Indicators of Regulatory Governance
- ^ Organisation for Economic Co-operation and Development (2008), Introductory Handbook for Undertaking Regulatory Impact Analysis (RIA), https://www.oecd.org/gov/regulatory-policy/44789472.pdf , retrieved 4/11/23.
- ^ Sigman, Rachel, and Staffan I. Lindberg. "Neopatrimonialism and democracy: An empirical investigation of Africa's political regimes." V-Dem Working Paper 56 (2017).
- ^ "QuantGov". quantgov.org. Retrieved June 4, 2023.
External links
- Centre on Regulation in Europe (CERRE)
- New Perspectives on Regulation (2009) and Government and Markets: Toward a New Theory of Regulation (2009)
- US/Canadian Regulatory Cooperation: Archived 2011-04-30 at the Wayback Machine Schmitz on Lessons from the European Union, Canadian Privy Council Office Commissioned Study
- A Comparative Bibliography: Regulatory Competition on Corporate Law