Organizational Challenges to Regulatory Enforcement and Compliance: A New Common Sense about Regulation

Abstract

At the end of the first decade of the twenty-first century, following an escalating series of global financial and economic crises, we hear renewed calls for government regulation as a necessary, if not entirely sufficient, safeguard against the excesses of exuberant capitalism. At the same time as some policy advocates urge increased regulation, opponents claim that it is not capitalism nor the market that is the cause of these crises; instead, they argue, government regulation not only dampens market efficiencies and retards economic growth but encourages the predatory and fraudulent practices responsible for the recent Great Recession.