ABSTRACT
In this chapter, the author discusses three paradigmatic roles that public law can play in the kind of reformist, post-privatization political and policy environment in which emerging liberal democratic states are now situated. These roles are to create and institutionalize a strong presumption in favor of market solutions to social problems; to maximize the effectiveness of regulation where it is used; and to establish extra-regulatory institutions and processes that can help to monitor, augment, and discipline the resulting hybrid system of markets and regulation. Reformers have devised many specific legal strategies or techniques to improve regulatory effectiveness. The author briefly discusses twelve of these strategies or techniques, in no particular order and without any suggestion that they constitute an exhaustive set of relation-improving approaches: public remedies; private litigation; public advocates; information disclosure; improved regulatory information; gatekeepers; market testing; antitrust law; private regulation; public auction of regulatory rights; private trading of regulatory obligations; and enhancing the credibility of regulatory commitments.
