Joseph Rees

Before BP
June 21, 2010

In Obama’s June 15th Oval Office speech on the oil spill, he railed against a “failed philosophy that views all regulation with hostility—a philosophy that says corporations should be allowed to play by their own rules and police themselves.” Obama was getting at a real problem. As economic historian Edward Balleisen points out, the trend over the past half century has not been less regulation per se, but a greater acceptance of “self-regulation,” whereby industry funds government oversight, and government outsources oversight to industry.