The Regulatory Challenge

Assessing the elaborate system of economic regulations currently functioning in the UK, this study analyzes developments across a number of sectors and offers a range of perspectives for understanding the objectives, mechanisms and institutions involved. The last decade has witnessed the introduction of an elaborate system of regulation in the UK. Whole segments of British industry are now operating under the supervision of regulatory bodies not dissimilar to the government departments they were designed to replace. Regulation has been an inevitable part of the structural changes in the 1980s, notably the privatization programme and changes in the financial services industries. This book assesses these developments across a number of sectors (utilities, telecommunications, financial services, health, and higher education) and offers a range of perspectives for understanding the various objectives, mechanisms, and institutions involved. The book offers important insights into the way in which the structure of privatized industries interact with the form of regulation. It has significant implications for countries that are embarking on the process of privatization, regulation, and deregulation of their industries. Contributors: Mark Armstrong, William Baumol, Michael Beesley, Martin Cave, Evan Davis, Ruth Dodsworth, Simon Domberger, Stephanie Flanders, Peter Grindley, Paul Grout, Norman Ireland, Bruce Laidlaw, Alan Maynard, John McEldowney, Francis McGowan, Ray Rees, Laura Rovizzi, Paul Seabright, Avrom Sharr, David Thompson, John Vickers, Thomas Weyman-Jones, Ann Whitfield, Peter Williamson