Chapter 1: Reimagining contemporary regulatory principle – fragmented regulatory space
From a North World perspective we believe that the economic suffering of the South is an inevitable consequence of the absent or failed regulatory state. This book endorses the more organic position that when economic interests and market frames no longer serve essential social needs then state or no state, the regulatory agenda (in principle, relationships and outcomes) is toxic for sustainable social bonding. The challenge is to design a regulatory thinking for a global future beyond exponential economic growth and individual wealth creation that is crucial in a fast-approaching age after materialism, modernism and regulatory myopia. An early motivation for this project was, in an applied sense, to identify the alternative regulatory cultures in the South World that might assist in understanding the possible social location of economy without the regulatory state. Despair surrounding the prevailing global economic model attends disillusionment with global economic regulation as the North World descends further into financial crisis, and the South suffers livelihood consequences far from its own making. Whether North or South, and across the divide, we live in fragmented regulatory space. A better understanding about the problematic future of global regulation lies in revealing the different reasons for fragmentation within and between very different regulatory spaces. For a start in this regard, the chapter will suggest a nexus between social embeddedness, mechanical/organic regulatory form and differential culturally located values, all of which influence essential social bonding.