Module code: LAW7035-B
This module will provide a theoretical underpinning to enable you to deconstruct the various forms of regulatory theory within a legal context. Three key questions will be initially discussed to enable a broad foundation to be established: (1) Is regulation necessary at all? (2) What approach to regulation should be adopted? and (3) What should the regulatory architecture be comprised of. From these deceptively simple questions a number of key themes will be explored including but not limited to the approaches based on risk, better, public choice, public interest and responsive based regulation.
This module aims to provide an understanding of the legal challenges and the key issues regarding the theory and practice of regulation. Students will develop a critical understanding of the regulatory approaches and frameworks in which disputes are resolved.
An introduction and rationale in relation to the main themes behind regulation: Regulation will be introduced under the umbrella of the following definition: The employment of legal instruments for the implementation of social-economic policy objectives. A characteristic of legal instruments is that individuals or organizations can be compelled by government to comply with prescribed behavior under penalty of sanctions.
Once these foundations have been laid, the following topics will be subsequently explored: The general theories of regulation, institutional regulation, sanctions and context, positive and normative theories of regulation, formulating and implementing regulation, the creation and implementation of regulatory policy and the cost of compliance.