Rethinking Self-Regulation

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Abstract
Britain has been described as something of a haven for self-regulation. The phenomenon has come under increased scrutiny in recent years and it has been subjected to a greater degree of formalization and the imposition of external controls. Nevertheless, self-regulation remains as the principal controlling device for a wide range of activities including, notably, advertising, financial services, and the practice of a large variety of professional occupations. This chapter begins by briefly considering conventional justifications and explanations for self-regulation. Section II summarizes traditional criticisms of self-regulation. Section III discusses the nature of self-regulation. Sections IV and V focus on two models, one based on consensual bargaining, and the other involving competition between self-regulatory regimes, respectively. It is argued that when combined with some measure of external constraint each has the potential, at least in some contexts, to meet the traditional criticisms and to generate outcomes which may be superior to those emanating from conventional public regulatory forms.

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