Regulatory capitalism
Regulatory capitalism (Engl. Regulatory capitalism ) refers to a sociological thesis that it under the terms of global market opening and privatization since the 1990s to a new regulatory push is coming. This idea is contrary to the popular belief that the markets have been deregulated .
This thesis was developed and introduced into the socio-theoretical discussion by the Australian legal sociologist and economic criminologist John Braithwaite , the Israeli and Spanish political scientists David Levi-Faur and Jacint Jordana . In the meantime, however, the approach has also been adopted by other social scientists. Martin Jänicke analyzes how - in contrast to the widespread fear of a regulatory race to the bottom - state environmental regulation can spread through diffusion processes across global markets.
In contrast to the phase of the regulatory state, the required standards in regulatory capitalism are set and controlled less hierarchically than through a network of public and private actors. The theory of regulative capitalism is closely related to the discussion about global governance . For example, international expert bodies such as the Codex Alimentarius Commission, non-governmental standardization organizations such as ISO or regulatory authorities that regulate market access or pricing in the field of infrastructure supply after privatization play an important role . Contrary to the political programs of the 1980s and 1990s, the tendencies towards privatization and globalization did not lead to “ neoliberal ” deregulation , but to increased “re-regulation” of economic activities. The proponents of the theory of regulatory capitalism base its development on the fact that the member states of the OECD have established independent regulatory agencies in many different policy fields since the 1980s. At the transnational level, there has been a rapid increase in the number of private, public and hybrid standardization bodies.
literature
- John Braithwaite, “Regulatory capitalism: how it works, ideas for making it work better.” Edward Elgar Publishing, 2008.
- Steven Kent Vogel, "Freer markets, more rules: regulatory reform in advanced industrial countries." Cornell University Press, 1998.
- Martin Jänicke: "Trendsetter in" Regulative Capitalism ": The Example of Environmental Policy Pioneering Countries." In: Holzinger, Katharina / Jörgens, Helge / Knill, Christoph (Eds.): Transfer, Diffusion and Convergence of Politics. Political quarterly. Special issue 38. Verlag für Sozialwissenschaften, Wiesbaden 2007, pp. 131–149, ISBN 978-3-531-14978-3 .
Individual evidence
- ↑ David Levi-Faur: "The Global Diffusion of Regulatory Capitalism." In: "The ANNALS of the American Academy of Political and Social Science" March 2005, Vol. 598, No. 1, pp. 12f.