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The hidden regulation of carbon markets
Die versteckte Regulierung des Marktes für CO2-Emissionen
[journal article]
Abstract "This article tracks the creation and maintenance of markets for emission rights and the role that law-creation plays within this process. From a recent example of a market creation -the European Emissions Trading Scheme (EU ETS)-, insights will be gained about the intrinsic and fundamental connecti... view more
"This article tracks the creation and maintenance of markets for emission rights and the role that law-creation plays within this process. From a recent example of a market creation -the European Emissions Trading Scheme (EU ETS)-, insights will be gained about the intrinsic and fundamental connections between market creation and bureaucratization. This process unfolds in a paradoxical way: The free-market hypothesis is, in fact, creating a demand for regulation, administration, and control. Law creation that is informed by the free-market hy-pothesis (the Law and Economics School in general, the EU Directive as a specific case), separates the "inside of the market" from the "outside of the market". This, firstly, causes a need for extra-administration at the "outside of the market" in order to resolve the uncertainty that emanates from the self-imposed requirement of leaving "the market itself" unregulated. And it, secondly, exposes the "rational actor" to an open and uncertain situation, which then leads to private regulative and administrative attempts at the "inside of the market". (author's abstract)... view less
Keywords
bureaucracy; emissions trading; historical development; market; law; convention; performance
Classification
National Economy
General History
Law
Document language
English
Publication Year
2015
Page/Pages
p. 132-149
Journal
Historical Social Research, 40 (2015) 1
Issue topic
Law and conventions from a historical perspective
DOI
https://doi.org/10.12759/hsr.40.2015.1.132-149
ISSN
0172-6404
Status
Published Version; peer reviewed