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A rule of conduct or procedure established by custom, agreement, or authority. The body of rules and principles governing the affairs of a community and enforced by a political authority; a legal system: international law. The condition of social order and justice created by adherence to such a system: a breakdown of law and civilized behavior. A set of rules or principles dealing with a specific area of a legal system: tax law; criminal law. A piece of enacted legislation. What is Law?

Deregulation

Deregulation is the process by which governments removed selected
regulations on business in order to encourage the theorical efficient
operation of markets. Deregulation is different from liberalization, because
a liberalized market, allowing plural or infinital players, can be
regulated, to protect specially the end consumer rights, specially to
prevent de facto or law-allowed oligopolies.

United States

Deregulation was a major trend in the United States in the last quarter of
the twentieth century. A number of major deregulation initiatives were
passed. Some of these were withdrawn quickly (but not quickly enough to
avoid major problems), including the deregulation of savings and loans.
American savings banks, which were permitted to lend unfettered, had their
depositors funds insured by the federal government, creating a moral hazard.
Others have been considered more widely successful, including deregulation
of transportation, the gas market, and the electricity market. At the
beginning of the twenty-first century, the media market was significantly deregulated.

Related Legislation

   * 1976 - Hart-Scott-Rodino Antitrust Improvements PL 94-435
   * 1978 - Airline Deregulation Act PL 95-504
   * 1978 - National Gas Policy Act PL 95-621
   * 1980 - Depository Institutions Deregulation and Monetary Control Act PL
     96-221
   * 1980 - Motor Carrier Act PL 96-296
   * 1980 - Staggers Rail Act PL 96-448
   * 1982 - Bus Regulatory Reform Act PL 97-261
   * 1989 - Natural Gas Wellhead Decontrol Act PL 101-60
   * 1992 - National Energy Policy Act PL 102-486
   * 1996 - Telecommunications Act PL 104-104
   * 1999 - Gramm-Leach-Bliley Act PL 106-102

Japan

Since the economic buble in 1990s collapsed, the Japanese government has
seen deregulation as effective way to life its economy because it has a huge
deficit and cannot conduct a large tax-cut.
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