Abstract
Professor ‘Jim’ Gower's report, commissioned by Norman Tebbit's Department of Trade and Industry, calling for regulation of the ‘investment industry’, brings the Government's commitment to trade liberalisation seriously into doubt. Professor Gower has ignored a vast literature on regulation which reveals how it is ‘captured’ by interest groups to establish protected cartels. Furthermore, his proposals restrict competition that would benefit the consumer without outlawing restrictive practices. Norman Tebbit should reject Professor Gower's misguided advice decisively.
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