The New Regulatory Era - An Introduction

For many decades the word “regulation” has been a bogeyman concept evoking images of unproductive and wasteful government bureaucracy. While this image has been a popular rallying cry for politicians over the years, every interest group — with the exception of libertarians — has actively supported and lobbied for regulation in certain domains of the economy and society. With the recent financial crisis, this bogeyman image of regulation has been turned on its head. This Essay explains some of the causes for the change and highlights several expected directions that the new regulatory era is likely to take