Please use this identifier to cite or link to this item: http://bura.brunel.ac.uk/handle/2438/18146
Title: The Emergence of Regulation: Market failure, Subversion of Justice and Inadequacy of Private Law
Authors: Korotana, M
Issue Date: Jan-2017
Publisher: Cambridge University Press (CUP): HSS Journals
Citation: European Business Law Review, 2017, 28 (5), pp. 615 - 633
Abstract: Often the justifications for the emergence of public regulation have been explained as instances of ‘market failure’. In such instances, it is always argued that somehow an unregulated market has failed to produce social outcomes in accordance with the public interest. Market failure theory is a classic economists’ view regarding the emergence and justification of regulation. Nevertheless, market failures are ubiquitous and so cannot be put forward as a theory to explain the emergence of regulation. However, one might like to think from a different perspective – from a legal point of view – that regulation actually emerges because of the subversion of justice, inefficiency or inadequacy of the common law. It is the failure of contract and tort law as a mechanism to secure property rights that has prompted the emergence of regulation. However, there is another view that regulation also emerges on the basis of ideas of fairness and rights.
URI: http://bura.brunel.ac.uk/handle/2438/18146
ISSN: 0959-6941
Other Identifiers: http://bura.brunel.ac.uk/handle/2438/12000
http://bura.brunel.ac.uk/handle/2438/12000
http://bura.brunel.ac.uk/handle/2438/12000
http://bura.brunel.ac.uk/handle/2438/12000
Appears in Collections:Dept of Politics, History and Law Research Papers

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