Contemporary societies have more vibrant markets than past ones. Yet they are more heavily populated by private and public regulators. This book explores the features of such a regulatory capitalism, its tendencies to be cyclically crisis-ridden, ritualistic and governed through networks. New ways of thinking about resultant policy challenges are developed.
At the heart of this latest work by John Braithwaite lies the insight by David Levi-Faur and Jacint Jordana that the welfare state was succeeded in the 1970s by regulatory capitalism. The book argues that this has produced stronger markets, public regulation, private regulation and hybrid private/public regulation as well as new challenges such as a more cyclical quality to crises of market and governance failure, regulatory ritualism and markets in vice. However, regulatory capitalism also creates opportunities for better design of markets in virtue such as markets in continuous improvement, privatized enforcement of regulation, open source business models, regulatory pyramids with networked escalation and meta-governance of justice.
Regulatory Capitalism will be warmly welcomed by regulatory scholars in political science, sociology, history, economics, business schools and law schools as well as regulatory bureaucrats, policy thinkers in government and law and society scholars.
'Everyone who is puzzled by modern A"regulocracyA" should read this book. Short and incisive, it represents the culmination of over twenty years' work on the subject. It offers us a perceptive and wide-ranging perspective on the global development of regulatory capitalism and an important analysis of points of leverage for democrats and reformers.'- Christopher Hood, All Souls College, Oxford, UK'It takes a great mind to produce a book that is indispensable for beginners and experts, theorists and policymakers alike. With characteristic clarity, admirable brevity, and his inimitable mix of description and prescription, John Braithwaite explains how corporations and states regulate each other in the complex global system dubbed regulatory capitalism. For Braithwaite aficionados, Regulatory Capitalism brings into focus the big picture created from years of meticulous research. For Braithwaite novices, it is a reading guide that cannot fail to inspire them to learn more.'- Carol A. Heimer, Northwestern University, US'Reading Regulatory Capitalism is like opening your eyes. John Braithwaite brings together law, politics, and economics to give us a map and a vocabulary for the world we actually see all around us. He weaves together elements of over a decade of scholarship on the nature of the state, regulation, industrial organization, and intellectual property in an elegant, readable, and indispensable volume.'- Anne-Marie Slaughter, Princeton University, US'Encyclopedic in scope, chock full of provocative - even jarring - claims, Regulatory Capitalism shows John Braithwaite at his transcendental best.'- Ian Ayres, Yale Law School, Yale University, US
Contents: Foreword by David Levi-Faur Preface 1. Neoliberalism or Regulatory Capitalism? 2. The Cyclical Nature of the Challenges of Regulatory Capitalism 3. Privatized Enforcement and the Promise of Regulatory Capitalism 4. The Nodal Governance Critique of Responsive Regulation 5. Regulatory Capitalism, Business Models and the Knowledge Economy with Janet Hope and Dianne Nicol 6. Can Regulatory Ritualism be Transcended? 7. Metagovernance of Justice 8. Is Regulatory Capitalism a Good Thing? References Index