The economics and politics of regulation

Article Abstract:

Government regulation in the economy after World War II is divided into three ages. First is the age of regulation (1945-1970) which saw the enforcement of nationalization and increase in government spending. Second is the transition period (1970-1980) wherein theorists criticized the governments' regulatory role as costly and devoid of public concern. The last age is deregulation (1980-the present) which saw the usherance of reforms in government policy that led to privatisation, and budget cuts. Overall, government regulation is still necessary in areas such as in the creation of markets.

Laws, regulations and rules, History, Markets (Economics), Industry regulations, Government regulation of business, Trade regulation

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Interpreting the Korean crisis: financial liberalisation, industrial policy and corporate governance

Article Abstract:

It is possible to dispute the view that the current financial crisis in South Korea can be attributed to excessive government intervention, leading to 'moral hazard.' In fact, it can be argued that South Korea's financial crisis is the result of uncontrolled and excessive private sector investments. It will not be necessary for South Korea to make significant changes to its corporate governance system in order to return to economic growth. It is hard to predict what will happen to the South Korean economic system in the long term.

South Korea, Economic aspects

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Against 'big bang' in economic transition: normative and positive arguments

Article Abstract:

The centrally planned economies (CPEs) of Eastern Europe and the former Soviet Union need to carefully consider several institutional and systemic factors before embarking on a rapid transition to private property and market mechanism. CPEs face difficulties in establishing asset-valuation criteria during the transition period, and the disposition of socialism's 'implicit contracts' can cause problems. Economic subsystems adjust to change at different paces, which becomes problematic during a rapid transition to market economy.

Management, Central planning

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