- Title Pages
- The Contributors
- Change of Governance in Historic Perspective: The German Experience
- Corporate Governance Changes in the 20<sup>th</sup> Century: A View from Italy
- Historical Pathways of Reform: Foreign Law Transplants and Japanese Corporate Governance
- Asking the Wrong Question: Changes of Governance in Historical Perspective?
- Politics on Wall Street: The Implications of Eliot Spitzer on State-Federal Relations in the Regulation of Public Corporations and Capital Markets in the United States
- Scandals, Regulation, and Supervisory Agencies: The European Perspective
- European Company Law and Corporate Governance: Where Does the Action Plan of the European Commission Lead?
- Changing Models in Corporate Governance – Implications of the US Sarbanes-Oxley Act
- Enron and Corporate Law Reform in the UK and the European Community
- Ongoing Modernization of Japanese Company Law
- Japanese Perspectives, Autonomous Firms, and the Aesthetic Function of Law
- Corporate Governance Crises and Related Party Transactions: A Post-Parmalat Agenda
- Legal Ground Rules in Coordinated and Liberal Market Economies
- Corporatist versus Market Approaches to Governance
- Regulatory Paternalism: When is it Justified?
- The Regulation of Regulation: Judicialization, Convergence, and Divergence in Administrative Law
- The Proper Role of Bureaucracy in a Modern Market Economy: The Case of Japan
- The Role of Bureaucracy in Deregulation – The Case of Justice System Reform in Japan
- The Transatlantic Financial Markets Regulatory Dialogue
- Market Discipline, Information Processing and Corporate Governance<sup>*</sup>
- Implementation of the Corporate Governance Codes
- The Market for Corporate Control: The Legal Framework, Alternatives, and Policy Considerations
- Antitrust, State Aid, and the Governance of Public Undertakings
- Sector-Specific Regulations and Antitrust: Corporate Governance of Public Undertakings in Japan
- Information Theory and the Role of Intermediaries
- Using Basel II to Facilitate Access to Finance: The Disclosure of Internal Credit Ratings
- The Multiple Roles of Banks? Convenient Tales from Modern Japan
- Legal Explanations on Bank Behavior
- Redirecting Japan's Multi-level Governance
- Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms
- The Changing World of the CPAs in Japan
- Changes of Governance in Europe, Japan, and the US: Discussion Report
- Selected Bibliography
- Annex 1 Modernising Company Law and Enhancing Corporate Governance in the European Union – A Plan to Move Forward
- Annex 2 The Combined Code on Corporate Governance July 2003
- Annex 3 The Sarbanes-Oxley Act
Regulatory Paternalism: When is it Justified?
Regulatory Paternalism: When is it Justified?
- (p.302) (p.303) Regulatory Paternalism: When is it Justified?
- Corporate Governance in Context
Anthony I. Ogus
- Oxford University Press
Paternalism appears to lie behind a large number of regulatory measures. These include not only specific instances such as compulsory social insurance; the compulsory wearing of seatbelts and safety helmets; and ‘cooling-off periods’ enabling consumers and investors to withdraw from contractual undertakings. They also include, more generally, prohibiting or controlling certain risk-generating products and services (for example, meat which may be contaminated by BSE) as an alternative to providing information on the risk and leaving it to consumers to decide whether they wish to purchase the product or service. The appropriateness or otherwise of a paternalist intervention would appear to be a particularly important issue for theoretical analysis, not the least because in modern times policy makers appear to be caught on the horns of a dilemma: in a risk-obsessed society there is an ever-increasing expectation that governments will provide citizens with protection, and yet there is also a greater degree of scepticism of the ability of governments to do this successfully. This chapter argues that paternalism is, in appropriate circumstances, a legitimate and important reason for interventionist measures and, as such, should be taken seriously by regulatory scholars and policy makers. It presents an analytical framework which can establish an impressionistic profile for a given paternalistically justified measure, thereby giving some indication of whether the costs involved are likely to be disproportionate to the prospective benefits.
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