Successes and Failures in Regulating and Deregulating Utilities

Successes and Failures in Regulating and Deregulating Utilities

Evidence from the UK, Europe and the USA

Edited by Colin Robinson

This book is the latest annual review of utility regulation and deregulation, published in association with the Institute of Economic Affairs and the London Business School

Introduction

Colin Robinson

Subjects: economics and finance, competition policy, public finance, public sector economics

Extract

Colin Robinson A series of lectures on regulatory issues is held in the autumn of each year, organized by the London Business School and the Institute of Economic Affairs and named the ʻBeesley Lecturesʼ after the late Professor Michael Beesley who originated the series in 1991. The twelfth series of lectures, in the autumn of 2002, again attracted distinguished speakers and chairmen: the chairman of each lecture also acts as discussant, commenting on the paper after it is given. Both the lectures and the chairmenʼs comments, revised by the speakers, are reprinted in this volume. Since the series began, a huge amount of experience has accumulated regarding how and how not to regulate privatized industries. In the early days, lecturers would usually speak in broad terms about how regulation was developing in one of the British regulated utilities. Now, however, the issues have become more specific; some of them cross the boundaries of particular industries, and international experience of regulation is a significant element in the series. One of Michael Beesleyʼs aims in establishing these lectures was to provide a forum in which utility regulation could be discussed, in which best practice could be established and in which the regulators themselves, as well as academic and other commentators, could have their say. He was concerned also that regulation should have a liberal inclination, promoting competition wherever possible. His aims have largely been fulfilled. The annual volumes in which the lectures are reprinted are an important historical record of...