ABSTRACT
This chapter explores different regulatory theories commenced by observing that the fundamental task of government is to act in the 'public interest'. It examines three theoretical conceptions of the public interest: economic, social and risk-based. The chapter also examines private interest, institutional and ideational theories. It provides three versions of private interest theory: capture theory, public choice theory and interest group theory. Public interest theories emanate from the basic proposition that the fundamental task of government is to act in the 'public interest'. Private interest theories posit that regulation emerges, not from a benevolent pursuit of the 'public interest', but from the actions of individuals and groups motivated to maximise their self-interest. Ideational theories recognise that public policy and regulation are impacted by the prevailing ideological, social and political climate, the intellectual storms within it, and the relative strength, prominence and influence of the professionals and intellectuals that engage with it.
