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The Political Economy of Regulation

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  • Booth, P.M.

Abstract

This paper examines the political economy of regulation, reviewing market socialist, neo-classical and public interest approaches to regulation and analysing the development of financial services and insurance regulation in these frameworks. However, the paper suggests that these approaches do not capture properly many of the features of a market and the behaviour of regulators. Public choice theory is discussed, and it is concluded that there has not been significant capture of the regulatory process by interest groups. Austrian economics is proposed as a possible framework within which to analyse markets and regulators. It is concluded that there is prima facie evidence to suggest that the Austrian view of the market is realistic and that regulation in insurance markets can have unforeseen and undesirable effects. The author also concludes that, until 1970, insurance regulation did not deviate from principles which are appropriate if either a public choice or Austrian view is taken. However, the Financial Services Act 1998 and the Pensions Act 1995 do deviate from those principles.

Suggested Citation

  • Booth, P.M., 1997. "The Political Economy of Regulation," British Actuarial Journal, Cambridge University Press, vol. 3(3), pages 675-707, August.
    • Handle: RePEc:cup:bracjl:v:3:y:1997:i:03:p:675-707_00
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    Cited by:

    1. James K. Sirite & Henry Ongori & Darius Bosire, 2017. "Challenges Faced by Devolved Governance in Quality Service Delivery: A Case Study of Turkana Central Sub-county, Turkana County, Kenya," International Journal of Learning and Development, Macrothink Institute, vol. 7(4), pages 87-101, December.
    2. Magnus Lindmark & Lars-Fredrik Andersson & Mike Adams, 2006. "The Evolution and Development of the Swedish Insurance Market," Accounting History Review, Taylor & Francis Journals, vol. 16(3), pages 341-370.
    3. Philip Booth, 2022. "Private regulation versus government regulation: The example of financial markets," Economic Affairs, Wiley Blackwell, vol. 42(1), pages 30-49, February.

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