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Encyclopedia > Deregulation

Deregulation is the process by which governments remove, reduce, or simplify restrictions on business and individuals in order to (in theory) encourage the efficient operation of markets. The stated rationale for deregulation is often that fewer and simpler regulations will lead to a raised level of competitiveness, therefore higher productivity, more efficiency and lower prices overall. Deregulation is different from liberalization because a liberalized market, while often having less and simpler regulations, can also have regulations (sometimes quite far ranging and complex) in order to increase efficieny and protect consumer's rights, one example being anti-trust legislation. However, the terms are often used interchangeably within deregulated/liberalised industries. In mathematics, a function is a relation, such that each element of a set (the domain) is associated with a unique element of another (possibly the same) set (the codomain, not to be confused with the range). ... Wall Street, Manhattan is the location of the New York Stock Exchange and is often used as a symbol for the world of business. ... The term inefficiency has several meanings depending on the context in which its used: Economic inefficiency refers to a situation where we could be doing a better job, i. ... In general, liberalization refers to a relaxation of previous government restrictions, usually in areas of social or economic policy. ... This article is about consumers in economics. ... A right is the power or privilege to which one is justly entitled or a thing to which one has a just claim. ... Antitrust or competition laws are laws which prohibit anti-competitive behavior and unfair business practices. ...


Deregulation gained momentum in the 1970s, influenced not only by research at the University of Chicago and the theories of Ludwig von Mises, Friedrich von Hayek, and Milton Friedman, among others, but more importantly by that of Alfred E. Kahn. Deregulation in the US was led by President Jimmy Carter, with Kahn's input. Key legislation that was passed included: Airline Deregulation Act (24 October, 1978), Staggers Rail Act (signed 14 October, 1980), and the Motor Carrier Act of 1980 (signed 1 July 1980). The Emergency Natural Gas Act (signed 2/2/77) was a mix of regulation in response to OPEC price hikes and deregulation. The Airline Deregulation Act is a notable example. It sought to reintroduce market forces to the heavily regulated commercial airline industry. Subsequent deregulation has had mixed results. The University of Chicago is a private university located principally in the Hyde Park neighborhood of Chicago. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) was a notable economist and a major influence on the modern libertarian movement. ... Friedrich von Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an economist and social scientist of the Austrian School, noted for his defense of liberal democracy and free-market capitalism against a rising tide of socialist and collectivist thought in the mid... Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist and public intellectual who made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics while advocating laissez-faire capitalism. ... Alfred E. Kahn is the Robert Julius Thorne Professor, Emeritus, of Political Economy at Cornell University. ... For other persons named Jimmy Carter, see Jimmy Carter (disambiguation). ... President Jimmy Carter signs the Airline Deregulation Act. ... President Harry S. Truman at the mic, left Harley O. Staggers & Alben W. Barkley. ... The American Motor Carrier Act of 1935 amended the Interstate Commerce Act to regulate bus lines and airlines as utilities. ... Logo The Organization of the Petroleum Exporting Countries (OPEC) is an international organization made up of Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. ... President Jimmy Carter signs the Airline Deregulation Act. ...


One problem that encouraged deregulation was the way in which the regulated industries often controlled the government regulatory agencies, using them to serve the industries' interests. Even where regulatory bodies started out functioning independently, a process known as regulatory capture often sees industry interests come to dominate those of the consumer. A similar pattern has been observed with the deregulation process, itself often controlled by the regulated industries. A regulation is a legal restriction promulgated by government administrative agencies through rulemaking supported by a threat of sanction or a fine. ... Regulatory capture is an economic phenomenon in which a government regulatory agency becomes dominated by the interests of the industry that it oversees. ...


Perceived failures of deregulation (such as the failure of the Savings & Loan sector of the U.S. during the 1980s) have led to limited re-regulation, and more balanced approaches to regulation that emphasize the quality of regulation over the quantity. That is, instead of simply removing (or adding) regulations on business, the point is to regulate business intelligently, using as sophisticated an economic theory as possible. Many processes labelled deregulation where anyway examples of re-regulation alongside a market liberalisation process taking state-owned service providers into the private sector. A savings and loan association is a financial institution which specializes in accepting savings deposits and making mortgage loans. ... Economics (deriving from the Greek words οίκω [okos], house, and νέμω [nemo], rules hence household management) is the social science that studies the allocation of scarce resources to satisfy unlimited wants. ...


One influential measure of worldwide business regulations that has inspired mostly deregulation but also in some instances increased regulations is the Ease of Doing Business Index. World map of the Ease of Doing Business Index. ...

Contents

Argentina

Argentina underwent heavy economic deregulation[citation needed], privatization, and had a fixed exchange rate during the Menem administration (1989–1999). Critics argue that these policies, implemented under advice of international organizations like the IMF and the WTO, eventually produced massive de-industralization and unemployment, and became unpopular after the politico-economic collapse of 2001. Others argue that high corruption flawed these policies in practice and that continued overspending by the government, while causing a temporary 'economic miracle', inevitable in the end caused a collapse. Privatization (alternately denationalization or disinvestment) is the transfer of property or responsibility from the public sector (government) to the private sector (business). ... This article or section does not adequately cite its references or sources. ... The International Monetary Fund (IMF) is an international organization that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance when requested. ... WTO redirects here. ... The Argentine economic crisis was part of the situation that affected Argentinas economy during the late 1990s and early 2000s. ...


Australia

Australia has had extensive deregulation of their labour market since 2005. This process was made under John Howard's Liberal Party of Australia. 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... John Winston Howard (born 26 July 1939), Australian politician, is the Prime Minister of Australia. ... The Liberal Party of Australia is an Australian political party. ...


European Union

2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Software patent does not have a universally accepted definition. ...

Japan

Since the economic bubble in 1990s collapsed, the Japanese government has seen deregulation as an effective way to lift its economy because it has a huge deficit and cannot make a large tax cut. A tax cut is a reduction in the rate of tax charged by a government, for example on personal or corporate income. ...


New Zealand

New Zealand has had extensive deregulation since 1984. It was instigated by the Labour Party. 1984 (MCMLXXXIV) was a leap year starting on Sunday of the Gregorian calendar. ... The New Zealand Labour Party is a New Zealand political party. ...


See also: Economy of New Zealand // Economic Profile Since 1984 the government of New Zealand has accomplished major economic restructuring, moving an agrarian economy dependent on concessionary British market access toward a more industrialized, free market economy that can compete globally. ...


Russia

Russia has been going through wide-ranging deregulation (and concomitant privatization) efforts since late 1990s. The main thrust of deregulation has been the electricity sector (see Unified Energy System), with railroads and communal utilities tied in the second place. Deregulation of natural gas sector is one of the more frequent demands placed upon Russia by the United States and European Union. Privatization (alternately denationalization or disinvestment) is the transfer of property or responsibility from the public sector (government) to the private sector (business). ... The Unified Energy System (UES) is Russias state electric power monopoly. ... Gazprom (LSE: OGZD; Russian: , sometimes transcribed as Gasprom) is the largest Russian company and the biggest extractor of natural gas in the world. ...


United Kingdom

The United Kingdom has developed a programme of better regulation since 1997. This has developed to include a general programme for government departments to review, simplify or abolish their existing regulations, and a "one in, one out" approach to new regulations. In 2006, new primary legislation is proposed (a Legislative and Regulatory Reform Bill) which is intended to establish statutory principles and a code of practice. Better regulation has been a theme of government action in the United Kingdom since the establishment of an advisory Better Regulation Task Force in 1997. ...


United States

Deregulation was a major trend in the United States in the last quarter of the twentieth century. A number of major deregulation initiatives were passed. Some of these were withdrawn quickly (but not quickly enough to avoid major problems), including the deregulation of savings and loans. American savings banks, which were permitted to lend unfettered, had their depositors funds insured by the federal government, creating a moral hazard. The California electricity crisis was precipitated by price manipulations by companies such as Enron after energy industry deregulation in 1996. Other legislation has been considered more widely successful, including deregulation of transport, telecommunications, and the gas market. In 1996, the media market was significantly deregulated. (19th century - 20th century - 21st century - more centuries) Decades: 1900s 1910s 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s The 20th century lasted from 1901 to 2000 in the Gregorian calendar (often from (1900 to 1999 in common usage). ... A savings and loan association is a financial institution which specializes in accepting savings deposits and making mortgage loans. ... This section is studied by Argagui monopoli In law and economics, moral hazard is the name given to the risk that one party to a contract can change their behaviour to the detriment of the other party once the contract has been concluded. ... The California electricity crisis (also known as the Western Energy Crisis) of 2000 and 2001 followed a failed partial-deregulation, in 1996, of the electricity market in the state. ... Enron Corporation was an American energy company based in Houston, Texas. ... Telecommunication involves the transmission of signals over a distance for the purpose of communication. ... 1996 (MCMXCVI) was a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ... Concentration of media ownership (also known as media consolidation) is a commonly used term among media critics, policy makers, and others to characterize ownership structure of mass media industries. ...


Related Legislation

1976 (MCMLXXVI) was a leap year starting on Thursday. ... The Hart-Scott-Rodino Antitrust Improvements Act of 1976, Pub. ... For the album by Ash, see 1977 (album). ... 1978 (MCMLXXVIII) was a common year starting on Sunday. ... President Jimmy Carter signs the Airline Deregulation Act. ... 1978 (MCMLXXVIII) was a common year starting on Sunday. ... 1980 (MCMLXXX) was a leap year starting on Tuesday. ... The Depository Institutions Deregulation and Monetary Control Act, a United States federal financial statute law passed in 1980, gave the Federal Reserve greater control over non-member banks. ... 1980 (MCMLXXX) was a leap year starting on Tuesday. ... The Motor Carrier Regulatory Reform and Modernization Act, more commonly known as the Motor Carrier Act of 1980 (MCA) is a federal law of the United States which deregulated the trucking industry. ... 1980 (MCMLXXX) was a leap year starting on Tuesday. ... There are very few or no other articles that link to this one. ... 1980 (MCMLXXX) was a leap year starting on Tuesday. ... President Harry S. Truman at the mic, left Harley O. Staggers & Alben W. Barkley. ... 1982 (MCMLXXXII) was a common year starting on Friday of the Gregorian calendar. ... The Garn-St Germain Depository Institutions Act of 1982 was a law passed by the U.S. Congress in 1982 that deregulated the Savings and Loan industry. ... 1982 (MCMLXXXII) was a common year starting on Friday of the Gregorian calendar. ... 1989 (MCMLXXXIX) was a common year starting on Sunday of the Gregorian calendar. ... 1992 (MCMXCII) was a leap year starting on Wednesday. ... 1996 (MCMXCVI) was a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ... The Telecommunications Act of 1996 was the first major overhaul of United States telecommunications law in nearly 62 years, amending the Communications Act of 1934. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. ...

See also

A public service company (or public utility company) is a corporation or other non-governmental business entity (i. ...

External links

  • Jump, Jive an’ Reform Regulation: How Washington Can Take a Swing at Regulatory Reform (CEI, 2000) by Clyde Wayne Crews, Jr.
  • Powering a Generation of Change, National Museum of American History

  Results from FactBites:
 
Airline Deregulation, by Alfred E. Kahn: The Concise Encyclopedia of Economics: Library of Economics and Liberty (2605 words)
The United States Airline Deregulation Act of 1978 was a dramatic event in the history of economic policy.
Deregulation also has given rise to a number of problems, including congestion and a limited reemergence of monopoly power and, with it, the exploitation of a minority of customers.
Average yields were declining in the decades before deregulation as well, thanks largely to the introduction of jets and jumbo jets.
Deregulation - Wikipedia, the free encyclopedia (788 words)
Deregulation is the process by which governments remove restrictions on business in order to (in theory) encourage the efficient operation of markets.
Deregulation gained momentum in the 1970s, influenced not only by research at the University of Chicago and the theories of Ludwig von Mises, Friedrich von Hayek, and Milton Friedman, among others, but more importantly by that of Alfred E. Kahn.
Deregulation was a major trend in the United States in the last quarter of the twentieth century.
  More results at FactBites »

 
 

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