Saturday, June 5, 2010

The slow death of the regulatory state

At last the mainstream media is mentioning the obvious...That regulation everywhere is failing...From toxic financial products to toxic industrial products to toxic food items and clothing....Nobody is clamping down on this stuff...


"Regulatory capture –where regulators come to share the interests and viewpoint of the industry they are supposed to be overseeing, rather than acting in the broader “public interest” — is nothing new. President Dwight Eisenhower warned about the power of the military-industrial complex in 1961.

But the scale of the capture across so many agencies, reaching into the heart of the regulatory state, under governments of all colors, is unprecedented in modern times.

It represents the largest “privatisation” of government since the Old Corruption of the 18th century (where government offices and laws were seen as an opportunity for private profit rather than a matter of “res publica” or the public interest)."

Spoken plainly, 'regulatory capture' is usually related to bribes and corruption....

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