Oxford University Press Rethinking Market Regulation: Helping Labor by Overcoming Economic Myths

A subversive approach to economic theory, Rethinking Market Regulation explores the devastating impact of globalisation and a lack of governmental regulation on the US workforce. It challenges two key economic principles: that markets are competitive, making government intervention unnecessary, and the claim that corporations exist for the benefit of their shareholders, but not for other stakeholders. Arguing that both principles are based in myth, this book offers an insightful perspective into the plight of workers faced with widespread job losses through the merging and outsourcing of resources. Rethinking Market Regulation ties together the problems that come with using economic principles as a justification for a lack of government intervention with the harm and widespread social repercussions faced by workers. With a close focus on the personal and financial consequences of losing employment, this book offers a compelling comparison of the legal and social treatment of labor in the US and the EU, closing with the recommendation for a new regulatory regime as a prescription for the current system of mass inequality and widespread job losses. Rethinking Market Regulation is ideal for scholars, professionals and anyone else interested in gaining an alternative perspective to modern US economic theory and market regulation. About the Author John N. Drobak is George A. Madill Professor of Law in the School of Law and Professor of Economics in Arts & Sciences, both positions at Washington University. Since joining the department in 1979, Professor Drobak has been named Law School Teacher of the Year on numerous occasions. In 2000, he was honored by Washington University with its Distinguished Faculty Award.