Regulation, Markets and Poverty

Regulation, Markets and Poverty

The CRC Series on Competition, Regulation and Development

Edited by Paul Cook and Sarah Mosedale

Regulation, Markets and Poverty incorporates the main policy implications arising from theoretical and empirical research into competition, regulation and regulatory governance in developing countries. This analysis often challenges conventional wisdom and draws on the work of leading experts from a range of disciplines.

Chapter 5: Why Regulatory Governance Matters

Edited by Paul Cook and Sarah Mosedale

Subjects: development studies, development economics, economics and finance, competition policy, development economics, politics and public policy, public policy, regulation and governance

Extract

INTRODUCTION What are regulations? They are rules that try to control human behaviour. Rules to control behaviour may be strictly directive (put that down this instant!) or they may allow people some leeway (please try and respond to this draft paper within one day of receipt). The existence of rules and regulations raises interesting questions such as: Who makes the rules? What organizations are involved in rule-making? Why are some rules followed and some not? How can you (who?) best get people to go along with rules and regulations you think are desirable? What is the connection between public and private rule-making? In many contexts the answers to these simple questions are not at all obvious. If we think of regulation as the use of public authority to set and apply rules and standards we can consider both the regulation of business and regulation inside government itself. In developing countries the state is likely to have more responsibility for economic and social regulation than it has nowadays in developed economies (see Box 5.1 for a discussion of economic and social regulation). Therefore, when thinking about regulatory strategies for relatively poor countries, it is important to include the new public management reforms that have been eagerly prescribed for some time now by international economic institutions such as the IMF and the World Bank (Hood, 1998; Minogue, 2004a). What is needed is a wide-ranging framework that covers all the complex transactions involved in economic and social policy-making and management by the modern...

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