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The modern theory of regulation as an inheritance of De Viti de Marco’s Cooperative State

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  • Alessandro Petretto

    (Dipartimento di Scienze per l'Economia e l'Impresa)

Abstract

The aim of this article is to analyse the relationship between the thinking of a major public finance scholar in the Italian tradition, Antonio De Viti de Marco, and the foundations of the ‘new’ economic policy which, at the end of last century in most industrialised countries, generated a profound reorganization of markets, particularly those of Public Utilities (PU). Thus, we link the Monopolistic State (MS) and the Cooperative State (CS) configurations defined by De Viti with the views of state suggested by modern Political Economy theory. We argue that a pro-competitive PU regulation can be interpreted as a process of moving away from the main features of the MS to those of the CS. Finally, by following some of De Viti de Marco’s precise intuitions, we analyse the topic of enterprise ownership. In this exercise of economic analysis in retrospect we will not be looking at De Viti as a precursor, but we wish rather to emphasize the actuality of his main methodological approach to public finance.

Suggested Citation

  • Alessandro Petretto, 2014. "The modern theory of regulation as an inheritance of De Viti de Marco’s Cooperative State," Working Papers - Economics wp2014_21.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    • Handle: RePEc:frz:wpaper:wp2014_21.rdf
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    Cited by:

    1. Michele G. Giuranno & Manuela Mosca, 2018. "Political realism and models of the state: Antonio de Viti de Marco and the origins of public choice," Public Choice, Springer, vol. 175(3), pages 325-345, June.
    2. Amedeo Fossati, 2016. "The First Principles of Public Finance by Antonio de Viti de Marco: Is There Any Disparity between the Assessments of the Italian and the English Speaking Scholars?," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2016(118-119-1), pages 88-110.

    More about this item

    Keywords

    De Viti de Marco; Cooperative State; regulation; privatization;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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