Industrial Pollution and Environmental Regulation 436
The Majestic Hudson River 436
Why Government Regulates Business 319 Flaws in the Market 319 Social and Political Reasons for Regulation 320
Waves of Growth 320 Wave 1: The Young Nation 321 Wave 2: Confronting Railroads and Trusts 322 Wave 3: The New Deal 323 Wave 4: Administering the Social Revolution 324 Wave 5: Terrorism and Financial Crisis 325 War Blips 327
How Regulations Are Made 327 Regulatory Statutes 327 Rulemaking 329 Presidential Oversight 332 Congressional Oversight 334 Challenges in the Courts 335
Costs and Benefits of Regulation 337 The Regulatory Burden 337 Benefits of Regulations 339
Regulation in Other Nations 340 Concluding Observations 342 Case Study: Good and Evil on the Rails 342
PART FIVE Multinational Corporations and Globalization