Cambridge University Press Government and Markets: Toward a New Theory of Regulation

After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences. Review Review of the hardback: 'The heritage of James Tobin is well represented by this outstanding volume. The authors analyze the relations of government and the market from many different angles, showing the fallacies of simple critiques on the basis of deep scholarship.' Kenneth J. Arrow, Stanford UniversityReview of the hardback: 'Pointing the way beyond simplistic capture theories of regulation, these essays illustrate how institutionally informed analysis can help to rebuild a constructive relationship between governments and markets.' Tom Baker, University of Pennsylvania Law SchoolReview of the hardback: 'A deeply distinguished multidisciplinary gathering lays out new directions and bold challenges for regulatory theory and practice. The hope and promise of this work is for a more civilized and creative capitalism.' John Braithwaite, Australian National UniversityReview of the hardback: 'A crisis has rekindled widespread interest in regulation. This collection of articles by outstanding social scientists and historians offers striking insights and fresh perspectives. Scholars and policymakers alike will benefit from their insightful and incisive discussions.' Bruce Carruthers, North Western UniversityReview of the hardback: 'Governments and Markets is an engaging and ambitious rethinking of the role of regulation in the twenty-first century. The range of ideas and arguments throughout this volume will push readers to revisit their assumptions about regulatory activity and will push fellow scholars to refocus their research agendas to topics such as regulatory decision making and design. Combining strong research with contemporary relevance, the book will be of interest to both new students of public policy and long-standing experts.' Mark Stephan, Washington State University, Vancouver Book Description This interdisciplinary volume points the way toward the modernization of regulatory theory. About the Author Edward J. Balleisen is Associate Professor of History at Duke University, where he teaches American business history and American legal history. He specializes in the evolving 'culture of American capitalism' - the institutions, values and practices that have both structured and constrained commercial activity. The author of Navigating Failure: Bankruptcy and Commercial Society in Antebellum America and Scenes from a Corporate Makeover: Columbia/HCA and Heathcare Fraud, 1992–2001, he has also published in numerous journals, including Business History Review, Australian Journal of Legal History and Reviews in American History. In 2005, he was awarded the Howard D. Johnson Award for Excellence in Undergraduate Teaching. He received his PhD in history from Yale University. He is currently working on a history of commercial fraud in the United States, focusing on organizational fraud against consumers and investors, from the early nineteenth century to the pre