Professional trade unions as regulators

This piece by Justinian looks at more failed self-regulation by the NSW and Queensland Law Societies. As the article points out, one of the most clearly beneficial aspects of microeconomic reform has been the replacement of self-regulating government providers of infrastructure services (Water Boards, Electricity Boards and so on) with external regulators separate from the provision of services. This is quite distinct from the ‘purchaser-provider split’, a much more problematic concept. This change is even more important in cases where the states legal powers to regulate have been handed over to private interest groups.