TITLE:
The New Political Economy of Regulation
AUTHORS:
Aybars Öztuna
KEYWORDS:
New Political Economy, The Political Economy of Regulations, Economic Activities, Capitalism, Governance
JOURNAL NAME:
Modern Economy,
Vol.14 No.4,
April
14,
2023
ABSTRACT: The new political economy of regulation is related to the establishment
of a balanced regulatory framework that contributes to the synthesis of
political and economic aspects. The political economy of regulation also
contributes to the establishment of direct governance and controlling processes
on economic activities by public sector agents. The aim of the paper is to
analyse the new political economy of regulation. Based on a secondary qualitative
and detective approach, the article studied the scope and advantages of the new
political economy on regulations and its implications within a capitalist
structure. A thematic analysis is also conducted to indicate that the new
political economy of regulations contributes to establishing a framework for
monitoring and distributing wealth, resources and knowledge fairly in all
strata of society. Market monopoly is demolished while agricultural and
corporate sectors are aligned in their operations to bridge the economic and
political gap between the rich and the poor segment of society. Thus, it is
concluded that the new political economy provides valuable principles for a
balanced and systematising regulatory framework in which capitalist extremism and
structural poverty are addressed, contributing to the socialist distribution of
resources.