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DEVALUING DEREGULATION

DEVALUING DEREGULATION Fred S. McChesney0 1. Introduction This paper revisits a fundamental debate in economics and politics. Given the inefficiency of government regulation, why is there so little deregulation? Of course, there has been some deregulation in the recent past. In the United States, there was a flurry of high-profile deregulations from 1978 to 1980 in natural gas, trucking and airlines. In Europe, deregulation has occurred concurrently with (and often as part of) privatization of numerous sectors of the economy. But observation that deregulation can occur in some markets in some places naturally raises the question why it does not occur in all markets in all places. In America, deregulation seems to have faded from the scene, leaving the vast bulk of regulated industries untouched.1 (If one added failures to privatize industries like postal service and East-Coast railroad service, the list of un-deregulated industries would be even greater.) Even that staunch free-marketer Ronald Reagan achieved little in the way of deregulation. And in those areas where government control over the economy fell during the 1980s (notably in telecommunications) reductions have proven to be only temporary respites and/or are constantly threatened. The supposed Contract With America announced by the Republicans in http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal des Économistes et des Études Humaines de Gruyter

DEVALUING DEREGULATION

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Publisher
de Gruyter
Copyright
Copyright © 1998 by the
ISSN
2194-5799
eISSN
2153-1552
DOI
10.1515/jeeh-1998-0401
Publisher site
See Article on Publisher Site

Abstract

Fred S. McChesney0 1. Introduction This paper revisits a fundamental debate in economics and politics. Given the inefficiency of government regulation, why is there so little deregulation? Of course, there has been some deregulation in the recent past. In the United States, there was a flurry of high-profile deregulations from 1978 to 1980 in natural gas, trucking and airlines. In Europe, deregulation has occurred concurrently with (and often as part of) privatization of numerous sectors of the economy. But observation that deregulation can occur in some markets in some places naturally raises the question why it does not occur in all markets in all places. In America, deregulation seems to have faded from the scene, leaving the vast bulk of regulated industries untouched.1 (If one added failures to privatize industries like postal service and East-Coast railroad service, the list of un-deregulated industries would be even greater.) Even that staunch free-marketer Ronald Reagan achieved little in the way of deregulation. And in those areas where government control over the economy fell during the 1980s (notably in telecommunications) reductions have proven to be only temporary respites and/or are constantly threatened. The supposed Contract With America announced by the Republicans in

Journal

Journal des Économistes et des Études Humaines – de Gruyter

Published: Dec 1, 1998

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