4,000 years of regulatory theory and practice: Exploring the main paradigm shifts in regulation
In April 2019, the Chair in Regulatory Practice gave two public lectures on the history of regulatory theory and practice.
One lecture was at the Accounting and Regulation Conference 2019 and the other at the Federal Aviation Administration/Asia–Pacific Bilateral Partners Dialogue Meeting 2019.
For a long time, regulatory governance was considered a task for governments that had to be carried out following a strict 'command and control' approach. This blueprint has guided the design and implementation of regulatory regimes since, at least since King Hammurabi ruled in ancient Egypt around 1750 BC. However, in the second half of the 20th century our thinking of what constitutes effective regulatory regimes has rapidly changed. In this lecture Prof Jeroen van der Heijden, touched on the key paradigm shifts in our thinking of what regulation is and what it can be. These include: compliance-based regulation, regulatory intermediaries, responsive regulation, risk-based regulation, and behavioural insights informed regulation.