Abstract
The wave of liberalization of economic sectors throughout the world has resulted in establishment of regulatory agencies. Although these agencies have a long history in the United States, in many other parts of the world this is a new concept. Independence and accountability of regulatory agencies have been the focus of intense scholarly writings. Having elaborated on the need to regulation and the roles of regulators, the relationship of the regulator and the government and having clarified the meaning of independence and its constraints, this paper tries to highlight some advantages of independent regulation mainly through criticism of regulation by government and concludes that the merit of independent regulation over government regulation is among the reasons for establishing independent regulators.
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