Managing regulation in a new era

The 2008 financial crisis may come to be seen as the demarcation between two regulatory eras. For the past generation, free markets have enjoyed a remarkable intellectual and political ascendancy, championed by academics and governments alike as the best way to promote continuing growth and stabilit...

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Bibliographic Details
Published in:The McKinsey quarterly 2009-01 (1), p.90
Main Authors: Beardsley, Scott C, Enriquez, Luis, Nuttall, Robin
Format: Magazinearticle
Language:English
Subjects:
Business government relations
Regulation
Strategic management
Online Access:Get full text
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Summary:The 2008 financial crisis may come to be seen as the demarcation between two regulatory eras. For the past generation, free markets have enjoyed a remarkable intellectual and political ascendancy, championed by academics and governments alike as the best way to promote continuing growth and stability. Now the world suddenly appears to think that some problems are too big and threatening to be solved by free-wheeling businesses. Politicians and commentators of every stripe are calling for greater regulation. Understanding regulatory issues in extreme detail is a prerequisite not only for anticipating risks and opportunities but also for building mutually beneficial relationships, based on trust and transparency, with regulators. To shape regulation, companies will have to make it a core element of their strategies and move regulatory affairs from the exclusive domain of legal, technical, and public-relations experts to the agenda of the CEO and the top team.
ISSN:0047-5394