Regulatory Capitalism, Privatisation, and Governing

We cannot talk about privatisation without first understanding the broader context of governing in the current era of regulatory capitalism. It is not simply ownership that matters most when providing public sector services. The regulatory arrangements and policies governing privatised services matter more. This chapter argues that the intellectual lens of regulatory capitalism is a useful one when conceptualising the challenges posed by governing privatised delivery of public services alongside societal expectations. It sketches some of the major ideas which have come to the fore over the past four decades in governing private sector activities. There is no doubt that the scope, importance, and impacts of regulation have all increased over the past few decades and that it has been necessary to rethink the concept of regulation itself. The chapter begins by introducing the concept of regulatory capitalism, its historical basis, and its defining characteristics. We then ask what we have learned thus far in general terms from our global privatisation experience. Lastly, the implications for governing privatised public services in the current age of regulatory capitalism are articulated and we tease out some potential consequences for privatisation research directions.