Chapter 48: The Regulatory State and Regulatory Capitalism: An Institutional Perspective
David Levi-Faur This chapter discusses the concepts of the regulatory state and regulatory capitalism in an effort to draw an institutional perspective on the politics of regulation. While the notion of the regulatory state allows us to capture the extent, scope and direction in which regulation shapes national-level institutions, that of regulatory capitalism allows us to explore the relations of the state and other political actors to the capitalist order itself. Regulatory capitalism draws attention to the political economy of regulation and it does so without necessarily privileging a state-centered perspective. This may allow us to embed the two notions in the international and comparative political economy literatures and to assess how the regulatory state and the concept of regulatory capitalism stand in comparison with other forms of states (e.g. the positive state, the developmental state, the competitive state and the welfare state) and the global political economy (e.g. laissez-faire, crony capitalism and transnational elites). At the same time, in the spirit of the governance perspective, I move the discussion beyond the state, not because the state is not important or even the most important actor, but because state-centered analysis is limited and should be augmented by society-centered analysis not only at the national but also at the global level. 48.1 THE REGULATORY STATE The notion of the regulatory state seems to capture the imagination of many scholars around the world (Majone 1994; Loughlin and Scott 1997; Moran 2002). Like many other key notions, it means different things to different...
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