Barbara Gabor: Regulatory competition in the internal market: comparing models for corporate law, securities law and competition law
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The virtues and drawbacks of regulatory competition have been subject to a long-standing academic debate. While proponents of regulatory competition have argued that it constitutes a mechanism by which firms and individuals can overcome costly regulation, that in turn was created by captured politicians or corrupt bureaucrats, opponents have claimed that regulatory competition results in a race to the bottom, as a result of which the laxest standards will ultimately prevail. More recently, a convincing welfare analysis was conducted by Sinn (2003), who stated that if a piece of regulation is legitimate in the first place (for instance to overcome a market failure) and then becomes subject to regulatory competition on a higher regulatory level, such competition is detrimental to overall social welfare.
Gabor (2013) set out to investigate regulatory competition by focusing on the internal market. Her book is highly appreciated as to my knowledge no other book exists that summarizes the...
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