Activity: Teaching and learning › Course or unit development
This unit covers the theory and application of key regulatory theories including principles-based and rules-based regulation, statutory regulation, market-based regulation and self-regulatory schemes. It explores the realm of public, private and hybrid regulatory initiatives, where public and private entities collaborate or compete. The unit initially provides a general theoretical background on regulation (history, definitions and theories), and subsequently focuses on the regulation of risks. Indeed, whether one is discussing climate change, the rise of new technologies such as Artificial Intelligence, the role of expertise in government, the safety and efficacy of therapeutic goods, emerging diseases, potential pandemics, or the scare of new financial crises, a narrative of risk permeates public discourse. Over the past decades a variety of actors have shown contrasting attitudes towards risk, entailing very different uses of legal and regulatory instruments. This unit provides a comprehensive coverage of theoretical backgrounds and practical examples of regulatory frameworks for the prevention, assessment, management of, and reaction to, a broad range of risks. As it is in the nature of risks to transcend borders, there is a strong focus on the transnational dimension of their regulation.