Regulatory compliance and capitalist diversity in Europe
By: WILKS, Stephen
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Material type: 
ArticlePublisher: London : Routledge, December 1996Journal of European Public Policy 3, 4, p. 536-559Abstract: The article seeks to link the experience of European economic regulation and the diverse forms of capitalism which co-exist within the European Union (EU). Regulation is seen both as a form of public policy and as a means of constituting markets. It is suggested that European regulation affects the evolution (or choice) of a model of capitalism and, on the other hand, that some forms of capitalism are more responsive to government regulation. These forms are more likely to foster the key regulatory goals of compliance, legitimacy and trust. In practice it is argued that there is, as yet, no convergence towards a European capitalism but that the neo-American and social democratic variants continue in uneasy rivalry. European regulation has scored significant successes but is suffering from implementation and compliance deficits. It is further argued that the key target of regulation is the business firm and that firms operating under a social democratic mode of capitalism may be more congenial regulatory partners. Regulatory reform should take account of the compliance characteristics of its regulatory targets.
The article seeks to link the experience of European economic regulation and the diverse forms of capitalism which co-exist within the European Union (EU). Regulation is seen both as a form of public policy and as a means of constituting markets. It is suggested that European regulation affects the evolution (or choice) of a model of capitalism and, on the other hand, that some forms of capitalism are more responsive to government regulation. These forms are more likely to foster the key regulatory goals of compliance, legitimacy and trust. In practice it is argued that there is, as yet, no convergence towards a European capitalism but that the neo-American and social democratic variants continue in uneasy rivalry. European regulation has scored significant successes but is suffering from implementation and compliance deficits. It is further argued that the key target of regulation is the business firm and that firms operating under a social democratic mode of capitalism may be more congenial regulatory partners. Regulatory reform should take account of the compliance characteristics of its regulatory targets.
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