6. An Institutional Approach to Studies of Regulation
This paper examines traditional theories of regulation, which have been dominated by the private interest theory in economics and the principal-agent model in political science. While the former highlights that regulatory policies are neither economically efficient nor politically justifies because they tend to serve private interests rather than enhance social welfare, the latter stresses the issue of how to juxtapose regulatory agencies’ policy expertise and efficiency on political accountability to their principals and responsiveness to the public for whom they serve. Despite the theoretical and empirical contributions of traditional approaches, inherent shortcomings exist in several aspects: and incapability to explain social regulation and economic deregulation, and a dyadic and static relationship that simplifies the reality of the complex regulatory policymaking process in the private interest theory; and a dyadic and deterministic relationship between political principals and regulatory agencies in the principal-agent theory. This paper suggests an institutional approach as an alternative that shed light on the institutional settings within which regulatory policies are formulated and implemented. An institutional approach has more relevancy to understand regulatory policymaking not only because it incorporates the dynamic interactions among political and economic actors into the model, but also because it delves into institutional structures that restrict the range of policy preferences of policy participants. If the policymaking structure is institutionalized to reflect diverse interests and, hereby, to produce regulatory policy as a result of and equilibrium of conflicting interests, the result can be an optimal regulatory policy. Finally, this paper suggests future directions from both theoretical and practical perspectives, which further studies of regulation might pursue.
The Change of Institutional Structure in the Relationship of State, Agricultural Cooperatives, and Farmers
The citizen’s protest had occurred at June 10th, 1987 in Korea. It was a great political and social crisis that impacted many aspects of Korean sectors. And the crisis acted as a core opportunity for the change of institutional structure of state, agricultural cooperatives, and farmers. There were many institutional actors to change the institutional structure. But the three Opposition parties were the main actors in transforming the authoritarian structure into democratic structure.
We had faced other two crises since 1987. They were agricultural crisis(Uruguay Round) in 1993 and foreign exchange crisis(IMF economic system) in 1997. Kim Young-Sam and Kim Dae-Jung Governments intermediated the crises for making the institutional structure more democratic…(The rest is omitted)
- 규제연구에 대한 제도주의적 접근(An institutional approach to studies of regulation)
- 고려대학교 정부학연구소
규제연구에 대한 제도주의적 접근(An institutional approach to studies of regulation)
서울 : 고려대학교 정부학연구소
|Journal Title; Vol./Issue||정부학연구:vol.8(no.2)|
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Economy < Economic Administration
Government and Law < Governance
Government and Law < Public Administration