The political economy of regulation: Does it have any lessons for accounting research?

The paper argues that regulation is at the heart of markets, and that regulation is itself an inherently political process. It explores how this insight works out by examining a range of real existing national regulatory systems ‐ notably the US, the UK and the European Union. It argues that political jurisdiction matters, because of the influence of institutional structure, political culture and historical trajectory. It suggests that these insights need to be central to accounting research, because at the heart of accounting research lie processes which are critical to the regulation of economic life.