International regulatory diversity over 50 years political entrepreneurship within fiscal constraints Vlad Tarko and Ryan Safner
By: Tarko, Vlad
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Contributor(s): Safner, Ryan.
Material type: 
ArticleSubject(s): TEORIA ECONOMICA | DERECHO ECONOMICO | STIGLER, GEORGE JOSEPH | CAPITALISMO | NEOLIBERALISMO ECONOMICO | POLITICA FISCAL
In:
Public Choice v. 193, n. 1-2, October 2022, p. 79-108Summary: Over the last 50 years, economic freedom in modern capitalist democracies has increased although the regulatory state has expanded considerably, resulting in the paradox of “freer markets, more rules” (Vogel, 1996). We provide a hierarchical cluster analysis of the policy trajectories of OECD countries over the last 50 years, as well as a theoretical framework that builds on Stigler’s (1971) theory of economic regulation. Our findings suggest that these developments are not the result of ideological narratives such as “neoliberalism,” but instead we confirm some claims from the “varieties of capitalism” and “regulatory capitalism” literatures using independent methods. Our approach is better able to explain the diversity of regulatory regimes across countries than existing approaches that focus on either national patterns or policy sectors, and we also provide a fuller account of government crowding-out and crowding-in effects across the entire structure of production.
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| OP 1443/2022/192/1/2-1 Estimating the effect of rent-seeking on income distribution | OP 1443/2022/192/3/4-1 Democracy and the quality of economic institutions | OP 1443/2022/193/1/2-1 George stigler's theory of economic regulation at 50 | OP 1443/2022/193/1/2-2 International regulatory diversity over 50 years | OP 1443/2022/193/3/4 Public Choice | OP 1443/2022/193/3/4-1 The determinants of social expenditures in OECD countries | OP 1443/2022/3/4 Public Choice |
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Over the last 50 years, economic freedom in modern capitalist democracies has increased although the regulatory state has expanded considerably, resulting in the paradox of “freer markets, more rules” (Vogel, 1996). We provide a hierarchical cluster analysis of the policy trajectories of OECD countries over the last 50 years, as well as a theoretical framework that builds on Stigler’s (1971) theory of economic regulation. Our findings suggest that these developments are not the result of ideological narratives such as “neoliberalism,” but instead we confirm some claims from the “varieties of capitalism” and “regulatory capitalism” literatures using independent methods. Our approach is better able to explain the diversity of regulatory regimes across countries than existing approaches that focus on either national patterns or policy sectors, and we also provide a fuller account of government crowding-out and crowding-in effects across the entire structure of production.
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