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Regulating Business by Independent Commission (Princeton Legacy Library) by Marver H. Bernstein (2015-12-08)

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Book Regulating Business by Independent Commission (Princeton Legacy Library) by Marver H. Bernstein (2015-12-08)

Regulating Business by Independent Commission (Princeton Legacy Library) by Marver H. Bernstein (2015-12-08)

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Original name book: Regulating Business by Independent Commission (Princeton Legacy Library) by Marver H. Bernstein (2015-12-08)

Pages: Unknown

Language: Unknown

Publisher: Princeton University Press (1823)

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Format *An electronic version of a printed book that can be read on a computer or handheld device designed specifically for this purpose. *Report a Broken Link

PDF
Required Software Any PDF Reader, Apple Preview
Supported Devices Windows PC/PocketPC, Mac OS, Linux OS, Apple iPhone/iPod Touch.
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Flowing Text / Pages Pages
Printable? Yes

Category - Other books

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Customer Reviews
  • By Jon Nelson on August 7, 2016

    Essential book on the history of regulation.

  • By J. A. Hoogenboezem on March 27, 2000

    Regulating Business by Independent Commission appeared in 1955, and lays the groundwork for the study of industry regulation. The thrust of Bernstein's book is that, contrary to at the time current economic theory, regulators do not necessarily work to correct market failure (in the form of monopoly or high prices). Bernstein rejects this functional or teleological approach to regulation, putting forward a realistic approach based on the realities of the political process, and the execution of power and the existence of interests in that process. In Bernstein's interpretation, regulators can be 'captured' by the industry they are supposed to regulate, which corrupts the process of correcting market failure, and results in regulatory decisions and practices that favor the industry. This view was the inspiration for later research at the University of Chicago, where the communis opinio for a while declared that it was not only possible for regulators to be captured, but that the existence of regulation was the result of the wish of the industry that hoped, by accepting mild regulation, to prevent worse measures like the breaking up of industries. The original idea of Bernstein, that regulation is not only a noble activity to protect the consumer but that it can be dominated by corporate interest is still an important idea in regulation research.

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