outline3 - POLITICAL SCIENCE 149: TOPIC 2/LECTURE 2...

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POLITICAL SCIENCE 149: TOPIC 2/LECTURE 2 (OUTLINE #3) Regulatory Responses to the Railroad Problem I. Defining the Market Regime: A. An overarching belief in the general regulatory efficiency of market competition. B. A role for government in policing the market for unfair competitive practices. C. Qualification: Recognition that in some instances competitive markets fail 1. Some industries tend toward concentration of resources in the hands of a few firms a. More efficient to regulate business decision making of these firms than break them apart into more and smaller competing firms. 1. See McCraw discussion of center and peripheral firms. D. B&C imply the need for permanent government institutions with expertise and authority to oversee business decision making and market practices II. Regulatory strategies for addressing the railroad problem A. Regulation in the states 1. The A sunshine @ commission a. Key principles: 1) voluntarism, non-coercion, autonomy a) An effort at business self-regulation
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outline3 - POLITICAL SCIENCE 149: TOPIC 2/LECTURE 2...

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