Abstract
The design of regulation has undergone much change with the rise of the regulatory state.1 The use of the rigid and punitive command-and-control approach has been superseded by new and more flexible ways of addressing social problems. However, the new approaches are not a panacea.2 For example, it is widely accepted that newer approaches used to regulate banks in the United States and some European countries contributed to the Global Financial Crisis – a failure having prolonged and catastrophic effects.3 A more modest example is the near total collapse of the Australian childcare sector in 2008 following the ‘deregulation’ of the industry without adequate public oversight mechanisms.
Original language | English |
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Pages (from-to) | 961-994 |
Number of pages | 34 |
Journal | University of New South Wales Law Journal |
Volume | 38 |
Issue number | 3 |
Publication status | Published - 2015 |
Externally published | Yes |