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The premise of this volume is that business regulations are expected to grow in the near future as a consequence of the emergence of a "(world) risk society." Risks related to terrorism, climate change, and financial crises, for example, will penetrate all conditions of life. Increasingly, the decisions and actions of some bring about risks for many in this era of globalization. Controlling these risks implies managing the world through high-quality regulation, with a particular emphasis on businesses and financial institutions. Central to this approach is the argument that a major, if not the primary, aim of regulation is to internalize externalities, or in a broader context, to repair market failure. Such repair can only be accomplished when the costs are smaller than the welfare gains. Featuring contributions from researchers and policy analysts from the fields of economics, management, law, sociology, political science, and environmental policy, this book focuses on three major topics: Social risks and business regulation Preconditions for better business regulation Theoretical issues related to better business regulation Collectively, the authors demonstrate that the easier it is for regulated businesses to comply at the lowest costs possible-without jeopardizing the related public goals-the greater the degree of compliance. When successful, the net result is a balance of individual and collective net benefits, and by further implication, sustainable business practice and economic growth

AbstractAs societies become more concerned with their impacts on future generations, the question of how to translate that concern into greater consideration in contemporary decision-making is coming to the fore. Despite growing societal acceptance of the ethics of obligations to the future – as reflected in record-high number of future-sensitive constitutions and international treaties – present generations' promises to future generations remain unfulfilled. This article explains why and offers an alternative approach to future-proofing. After providing a systematic account of the multiple efforts at aligning the actions of decision-makers with the interests of future generations, it argues that achieving the inclusion of future generations' interests in contemporary policymaking requires more than their legal codification and the establishment of new and typically scattered institutions, mechanisms and procedures. It rather calls for a more holistic, future-orientated and proactive approach by all public authorities. These must increasingly be expected to create the conditions not only for policymakers to consider the temporal dimension of their decisions, but also for all stakeholders – including new dedicated institutions – to hold present people accountable to currently non-existent future generations. To do so beyond the environment and climate space is a matter of urgency. This is the spirit animating this Special Issue devoted to long-term risks and future generations: to nurture a more imaginative theorisation and operationalisation of the recognition of future generations' interests in contemporary policymaking beyond today's institutional and conceptual models.