regulatorist

Regulatorism, also known as regulatorist policy, refers to a political philosophy and economic policy that advocates for extensive government regulation and intervention in the economy. Proponents of regulatorism argue that markets often fail to allocate resources efficiently due to information asymmetries, externalities, and other market failures. They believe that government intervention can correct these failures and promote public welfare.

Regulatorism encompasses a range of policies, including price controls, antitrust regulations, environmental regulations, and labor laws. These policies aim to protect consumers, workers, and the environment from market failures. For example, price controls can prevent monopolies from exploiting consumers, while environmental regulations can mitigate the negative impacts of industrial activities on the ecosystem.

Critics of regulatorism argue that excessive government intervention can stifle innovation, reduce economic growth, and create bureaucratic inefficiencies. They contend that markets, when left to operate freely, can often self-correct and allocate resources more efficiently than government planners. Additionally, critics argue that regulatorism can lead to unintended consequences, such as creating black markets or distorting incentives.

Regulatorism is a contentious issue in political and economic debates. Supporters argue that the benefits of regulation outweigh the costs, while critics contend that regulation can have negative consequences. The debate over regulatorism reflects broader tensions between market-based and government-based approaches to economic policy.