In the aftermath of the global financial crisis, businesses around the world must be the engines of economic growth and job creation. To achieve that goal, businesses need a legal and regulatory environment that fosters entrepreneurship and, importantly, they need to be able to transparently provide input on proposed laws and regulations that affect them. When this public-private dialogue does not happen, the consequences for the quality of economic and trade policies can be very damaging.
In this Feature Service article, John Murphy, VP of International Affairs at the U.S. Chamber of Commerce, asks crucial questions: How can regulators best engage with the industries they regulate? How can they produce “smart regulations”? He says, “Citizens entrust legislators to provide broad parameters for regulators. Yet regulators can only truly succeed in their mission of protecting citizens’ interests by engaging in an open dialogue with business and other stakeholders on trade and other vital economic issues.”
Article at a Glance
- Countries around the world need “smart regulations” that protect health and safety without slowing economic development and job creation.
- To improve the quality of the economy, regulators should better engage with the industries they regulate.
- Transparency, stakeholder engagement, cost-benefit analysis, and the ability to appeal poor regulatory outcomes are the hallmarks of good regulation.
Published Date: July 02, 2010