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The Economics and Politics of Regulation

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  • Chang, Ha-Joon

Abstract

This article provides a critical survey of the literature on the economics and politics of regulation. After some conceptual clarifications, the article surveys the evolution of perspectives on regulation during the post-Second World War period, emphasizing especially the interactions between intellectual changes and real world economic and political developments. It then looks at some themes that are neglected in the current literature--the inevitability of regulation, the need to create (and not simply regulate) markets, distributional issues, dynamic considerations, and the politics of regulation--and suggests that incorporating these themes more closely into the discussion will improve our understanding in this area. Copyright 1997 by Oxford University Press.

Suggested Citation

  • Chang, Ha-Joon, 1997. "The Economics and Politics of Regulation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 21(6), pages 703-728, November.
    • Handle: RePEc:oup:cambje:v:21:y:1997:i:6:p:703-28
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    Citations

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    Cited by:

    1. Ha-Joon Chang & Ali Cheema & L. Mises, 2002. "Conditions For Successful Technology Policy In Developing Countries—Learning Rents, State Structures, And Institutions," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 11(4-5), pages 369-398.
    2. Jamasb, T., 2002. "Reform and Regulation of the Electricity Sectors in Developing Countries," Cambridge Working Papers in Economics 0226, Faculty of Economics, University of Cambridge.
    3. Al-Jarhi, Mabid, 2014. "Towards an Economic Theory of Islamic Finance Regulation," MPRA Paper 66744, University Library of Munich, Germany, revised 2014.
    4. Liu, Xiaojie & Shen, Jim Huangnan & Deng, Kent, 2022. "Endowment Structure, property rights and reforms of large state-owned enterprises (SOEs) in China: Past, present and future," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 675-692.
    5. João Lizardo de Araújo, 2001. "A questão do investimento no Setor Elétrico Brasileiro: reforma e crise [The investment in the Brazilian power sector: reform and crisis]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 11(1), pages 77-96, July.
    6. Nepal, Rabindra & Sofe, Ronald & Jamasb, Tooraj & Ramiah, Vikash, 2023. "Independent power producers and deregulation in an island based small electricity system: The case of Papua New Guinea," Energy Policy, Elsevier, vol. 172(C).
    7. Tomaso Duso, 2002. "On the Politics of the Regulatory Reform: Econometric Evidence from the OECD Countries," CIG Working Papers FS IV 02-07, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
    8. -, 2020. "Building a New Future: Transformative Recovery with Equality and Sustainability," Documentos de posición del período de sesiones de la Comisión 46228, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    9. Al-Jarhi, Mabid Ali M. M., 2016. "An Economic Theory of Islamic Finance Regulation," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 24, pages 1-44.
    10. Valkonen, Laura, 2006. "Deregulation as a Means to Increase Competition and Productivity," Discussion Papers 1014, The Research Institute of the Finnish Economy.
    11. Norbert Knoll, 1998. "Innovation and Regulation in the Telecommunications Sector," Austrian Economic Quarterly, WIFO, vol. 3(2), pages 101-109, April.
    12. Annamaria Simonazzi, 2002. "Innovation and growth: supply and demand factors in the US expansion," Working Papers in Public Economics 53, Department of Economics and Law, Sapienza University of Roma.
    13. Norbert Knoll, 1999. "Liberalisierung und Regulierung von Infrastrukturmärkten," WIFO Monatsberichte (monthly reports), WIFO, vol. 72(11), pages 743-751, November.
    14. Sheil, Christopher, 2004. "'An incomplete hypothesis': deregulation of water and sewerage in Australia," Utilities Policy, Elsevier, vol. 12(3), pages 153-164, September.
    15. Jamasb, Tooraj, 2006. "Between the state and market: Electricity sector reform in developing countries," Utilities Policy, Elsevier, vol. 14(1), pages 14-30, March.
    16. Alberto Asquer & Inna Krachkovskaya, 2021. "Uncertainty, institutions and regulatory responses to emerging technologies: CRISPR Gene editing in the US and the EU (2012–2019)," Regulation & Governance, John Wiley & Sons, vol. 15(4), pages 1111-1127, October.
    17. Cyril Benoît, 2021. "Politicians, regulators, and regulatory governance: The neglected sides of the story," Regulation & Governance, John Wiley & Sons, vol. 15(S1), pages 8-22, November.
    18. Silvia Sacchetti, 2015. "Inclusive and Exclusive Social Preferences: A Deweyan Framework to Explain Governance Heterogeneity," Journal of Business Ethics, Springer, vol. 126(3), pages 473-485, February.
    19. Xiaoke Zhang, 2022. "Understanding innovation policy governance: A disaggregated approach," Review of Policy Research, Policy Studies Organization, vol. 39(3), pages 303-329, May.
    20. Kross, Karmo, 2013. "Developmental welfare capitalism in East Asia with a special emphasis on South Korea," Discourses in Social Market Economy 2013-05, OrdnungsPolitisches Portal (OPO).
    21. -, 2020. "Building a New Future: Transformative Recovery with Equality and Sustainability," Libros y Documentos Institucionales, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 46228 edited by Eclac.
    22. İlknur Yeşim Dinçel, 2021. "Turkey's Electricity Market Current Situation and Alternative Policy Recommendations," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 6(2), pages 304-321.
    23. Norbert Knoll, 1998. "Innovation und Regulierung in der Telekommunikation," WIFO Monatsberichte (monthly reports), WIFO, vol. 71(3), pages 187-195, March.
    24. Nepal, Rabindra & Jamasb, Tooraj, 2012. "Reforming small electricity systems under political instability: The case of Nepal," Energy Policy, Elsevier, vol. 40(C), pages 242-251.

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