the administrative function of regulation in transition for the governance of systemic risks

Abstract

In the current historical context, characterized by significant transitions (economic, environmental, social, digital, administrative), which clearly signal an institutional metamorphosis, there is a strong sense of the need to find new balances between the State, society, and the market. From this perspective, the study of the regulatory function becomes essential.

With this contribution, the aim is to analyze the regulatory function to highlight its defining traits and to understand whether, and in what way, this function can still be considered an expression of a consolidated State model (the so-called regulatory State), or whether it deserves a reconsideration in light of the ongoing transformations that are affecting society, the market, and the very institutional reality.

In particular, the goal is to demonstrate that today, the preferred regulatory model should be that of the so-called legal regulation of risk, which has distinct characteristics that deeply set it apart from the neutral regulation model previously considered the reference model. Indeed, risk regulation seems to emerge as the ideal regulatory model for the near future because it is better equipped to govern the challenges posed by contemporary society.