Leading Issues in Competition, Regulation and Development
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Leading Issues in Competition, Regulation and Development

  • The CRC Series on Competition, Regulation and Development

Edited by Paul Cook, Colin Kirkpatrick, Martin Minogue and David Parker

The book draws together contributions from leading experts across a range of disciplines including economics, law, politics and governance, public management and business management. The authors begin with an extensive overview of the issues of regulation and competition in developing countries, and carefully illustrate the important themes and concepts involved. Using a variety of country and sector case studies, they move on to focus on the problems of applicability and adaptation that are experienced in the process of transferring best practice policy models from developed to developing countries. The book presents a clear agenda for further empirical research and is notable for its rigorous exploration of the links between theory and practice.
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Chapter 1: Competition, regulation and regulatory governance: an overview

Paul Cook, Colin Kirkpatrick, Martin Minogue and David Parker

Extract

1. Competition, regulation and regulatory governance: an overview Paul Cook, Colin Kirkpatrick, Martin Minogue and David Parker INTRODUCTION Recent years have seen a movement away from state ownership towards more reliance on private markets to supply goods and services, including goods and services traditionally supplied by the state, such as telecommunications, water and electricity. These markets can be competitive, highly oligopolistic or even monopolistic. Where privatisation is associated with the creation of private monopoly then some form of continued state regulation is required to protect consumers from monopoly abuse. In cases where markets are oligopolistic or even competitive, state regulation may still be necessary to prevent the abuse of a dominant position, the creation of cartels, and in other ways to protect consumers through developing an effective ‘competition policy’. Moreover, state regulation is also adopted internationally to protect society in the form of the regulation of working conditions, product quality, the environment, health and safety and the like. Indeed, in North America and the EU the regulation of markets has expanded at the same time as industries have been privatised (Blundell and Robinson, 2000). Therefore, contrary to the ambitions of leading advocates of ‘privatisation’, such as Milton Friedman in economics and Margaret Thatcher in politics, the ‘frontiers of the state’ have not been so much ‘rolled back’, but have been reshaped and redirected since the 1970s. This is evidenced, for example, in the shares of gross domestic product (GDP) controlled by the state in OECD countries, which have remained fairly...

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