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Brief History of Market Regulation Primarily from the Point of View of Price Regulation

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  • András Sugár

    (Department of Statistics, Corvinus University of Hungary)

Abstract

This paper discusses the brief history of market (price) regulation of electricity and gas. The fight against monopolies has a history of more than 100 years in the USA. In this article, I focus on price regulation, which represents a narrower section of regulation. In the paper I discuss the phases of this regulation: Appearance of anti-monopoly combat; New Deal and the welfare state (and the concept of welfare state in Hungary in the nineties); Liberalisation; Bargaining and agreement. The old definition of regulation is modified in the following way: regulation democratically controls the prices, sales, and production of companies, and influences these in order to achieve certain social objectives.

Suggested Citation

  • András Sugár, 2011. "Brief History of Market Regulation Primarily from the Point of View of Price Regulation," Society and Economy, Akadémiai Kiadó, Hungary, vol. 33(2), pages 321-345, August.
    • Handle: RePEc:aka:soceco:v:33:y:2011:i:2:p:321-345
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    Keywords

    political economy of price control; price-cap;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • D42 - Microeconomics - - Market Structure, Pricing, and Design - - - Monopoly
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation

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