Paradoxes of Regulating Corporate Capitalism: Property Rights and Hyper-Regulation

18 Pages Posted: 8 Nov 2011

See all articles by Sol Picciotto

Sol Picciotto

ICTD; Lancaster University - Lancaster University Law School; University of London, School of Advanced Studies, Institute of Advanced Legal Studies, Students

Date Written: November 7, 2011

Abstract

The past 30 years has seen an enormous growth of formalized regulation, which some have characterized as part of a wider phenomenon of 'regulatory capitalism’. This has also been a period of the hegemony of neo-liberal ideologies of free markets. The paradox aptly described by Stephen Vogel as 'freer markets, more rules’ has not received an adequate explanation, despite an equally enormous growth of studies and theories of regulation. This paper will argue that insufficient attention has been given to the relationship between the 'naturalization’ of property rights, and the growth of regulation. It is generally accepted, particularly by liberal theory, that private property rights are essential to free markets. However, the acceptance as 'natural’ of existing forms of private rights to property, in an era when economic activity has become increasingly socialized, generates instabilities, to which a frequent response is regulation, often of a hybrid public-private character. This argument will be developed through two examples. Firstly, the analysis of financial market regulation, which over the past 30 years has been a paradigm of hyper-regulation, but leaving untouched the private property protections that have fueled 'financialization’ and speculation, and generated crises culminating in the crash of 2008-9. Secondly, an account of how struggles over the scope and definition of intellectual property rights have molded the emergence and development of today’s 'knowledge economy’, as the historic tension between private rights and the public domain has given way to the creation of various forms of regulated 'commons’, allocating rights and remuneration.

Keywords: regulation, finance, patents, copyright, law

Suggested Citation

Picciotto, Sol, Paradoxes of Regulating Corporate Capitalism: Property Rights and Hyper-Regulation (November 7, 2011). Oñati Socio-Legal Series, Vol. 1, No. 2, 2011, Available at SSRN: https://ssrn.com/abstract=1955893

Sol Picciotto (Contact Author)

ICTD ( email )

Institute of Development Studies
Librar
Brighton, BN1 9RE
United Kingdom

Lancaster University - Lancaster University Law School ( email )

FLAT 5 REGENCY HOUSE, NEWBOLD TERRA
LEAMINGTON, CV32 4HD
United Kingdom

University of London, School of Advanced Studies, Institute of Advanced Legal Studies, Students ( email )

Charles Clore House
17 Russell Square
London, WC1B 5DR
United Kingdom

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
294
Abstract Views
1,386
rank
142,108
PlumX Metrics