ABSTRACT
Such a conception is characteristic of much of the currently influen tial schools of capture and public choice theory in which the operation of political bargaining results in both the creation of regulatory re gimes and their capture by regulated industries; again, the dark world of politics sullies the purity of markets.4 Finally, this opposi tion of regulation to markets is probably the most characteristic popular usage of the term; to quote no less elevated a source than Rupert Murdoch, 'Socialism is alive and well and living in regula tory agencies ... The growth of regulation has given enormous control to governm ent... Socialism has effectively reinvented itself.'5