Copyright (c) 2007 DePaul Law Review
DePaul Law Review
SYMPOSIUM: IS THE RULE OF LAW WANING IN AMERICA? TWELFTH ANNUAL CLIFFORD SYMPOSIUM ON TORT LAW AND SOCIAL POLICY: ARTICLE: REGULATING AFTER THE FACT
56 DePaul L. Rev. 375
In 1998, as the last vestiges of the Soviet empire were passing from the world scene, Daniel Yergin and Joseph Stanislaw presented an early balance sheet of the postwar lessons on government regulation of the economy. Their work, The Commanding Heights, chronicles the turn from command-and-control models of regulation to more subtle market mechanisms that leave more to the worlds of innovation and entrepreneurship, including the full-scale dismantling of state-run enterprises and their sale or license to private firms. 1
One of the highlights of Yergin and Stanislaw's analysis involved the question of market entry. Highly regulated societies typically require advance administrative approval for all sorts of market initiatives, whether the opening of new businesses or the introduction of new products to the consuming public. 2 By contrast, one of the central features of the deregulatory impulses of the late twentieth century was the liberalization of market access for goods and services without anticipatory governmental approval. 3 The ability to open a business provides a case in point. Prior to Putin-era reforms, for example, a typical business in Russia needed to acquire between 300 and 500 different permits before opening. 4 By 2001, that number had diminished considerably, but it was still a formidable seventy. 5
The turn in The Commanding Heights to the problems of market entry built on the considerable foundations laid by Hernando de Soto. In his remarkable account of barriers to economic participation in Peru, de Soto chronicled the suffocating effects of regulation - ...
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