- Subject index
This book is an introduction and guide to the dramatic changes that have occurred in the provision of public services over the last two decades. The authors combine theoretical perspectives with a global range of case studies from Europe, North America, and other areas to explain why, how, and with what success liberal democracies have reformed the service role of the state.
Chapter Four: Regulation and Competition Policy
Regulation and Competition Policy
Regulation and competition policy have become constituent elements of modern capitalist economies. The questions of how to create markets and sustain competition have given rise to a series of rules and regulations that are sometimes said to amount to a country's ‘economic constitution’ – competition policy. The basic idea behind market regulation is summed up in Bruce Doern and Stephen Wilks' observation that ‘neither competition nor the market is inevitable or natural’, and that both must be sustained by regulation (1996: 1). Adam Smith famously remarked that ‘it is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest’ (1776: 20). The corollary ...